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EUR/NZD analysis for September 20, 2014

EURNZDDaily30.png


EURNZDH430.png


Overview:


Our last analysis, EUR/NZD has been trading downwards. As we expected, the price tested the level of 1.6215 in an ultra high volume (selling climax). Our Fibonacci expansion 161.8% at the price of 1.6300 held successful, which is a sign that buying looks risky. According to the 4H time frame, EUR/NZD is in a bearish corrective phase. I have placed Fibonacci retracement to find support levels and I got Fibonacci retracement 38.2% at the price of 1.6165 and Fibonacci retracement 61.8% at the price of 1.5900. Anyway, to confirm further bullish movement, the price needs to break the level of 1.6300 in a high volume and with healthy price action.


Daily Fibonacci pivot levels :


Resistance levels:


R1: 1.6426


R2: 1.6506


R3: 1.6635


Support levels:


S1: 1.6169


S2: 1.6090


S3: 1.5961


Trading recommendations: Be careful when buying the EUR/NZD pair, since we since we can observe bearish corrective phase


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