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EUR/NZD analysis for December 22, 2014

EURNZDDaily22.png


EURNZDH422.png


Overview:


In our last analysis, EUR/NZD was trading upward.The price tested the level of 1.5856 in a volume above the average. According to the daily time frame, we can observe a lack of supply, which is a sign that selling EUR/NZD at this stage looks risky. I have placed Fibonacci retracement to find potential resistance levels and I got Fibonacci retracement 38.2% at the price of 1.5900 and Fibonacci retracement 61.8% at the price of 1.6000. According to the 4H time frame, we can observe lack of supply around the price of 1.5750. My advice is to watch for potenatial selling opportunities after retracement.


Daily Fibonacci pivot levels:


Resistance levels:


R1: 1.5820


R2: 1.5840


R3: 1.5873


Support levels:


S1: 1.5754


S2: 1.5734


S3: 1.5701


Trading recommendations: Be careful when selling the EUR/NZD pair since we have a lack of supply around the level of 1.5750.


The material has been provided by InstaForex Company - www.instaforex.com