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EUR/NZD analysis for August 26, 2014

EURNZDDaily26.png


EURNZDH126.png


Overview:


Since our last analysis, EUR/NZD has been trading upwards. The price tested the level of 1.5860 in a volume just below average according to the 4H time frame, which is a sign that buying looks very risky. It is still unsafe to buy anything, so watch for potential selling opportunities after retracement. If the price breaks the level of 1.5710 in a higher volume, we may see potential testing the level of 1.5595.


Fibonacci pivot levels :


Resistance levels:


R1: 1.5827


R2: 1.5853


R3: 1.5896


Support levels:


S1: 1.5742


S2: 1.5716


S3: 1.5674


Trading recommendations: Be careful when buying the EUR/NZD pair and watch for selling opportunities after retracement.


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