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EUR/NZD : analysis for March 27, 2015

EURNZDH427.png


EURNZDDaily27.png


Overview:


In our last analysis, EUR/NZD was trading downwards. As we expected, the price has tested the level of 1.4278 in a high volume. The price found support around the level of 1.4280 (close to Fibonacci retracement 61.8%). We can observe potential re-testing of downward channel, which may lead to further upward movement. My advice is to watch for potential buying opportunities after a retracement. The resistance level is seen around 1.4490.


Daily Fibonacci pivot levels:


Resistance levels:


R1: 1.4444


R2: 1.4486


R3: 1.4554


Support levels:


S1: 1.4308


S2: 1.4266


S3: 1.4198


Trading recommendations: Be careful when selling at this stage and watch for potential buying opportunities after a retracement.




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