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EUR/NZD analysis for February 18, 2015

EURNZDDaily18.png

EURNZDH418.png


Overview:


In our last analysis EUR/NZD was trading sideways around the price of 1.5140. We may see bullish reaction from our Fibonacci expansion 61.8% at the price of 1.5060, which is a good sign for potential euro recovery. We have a resistance around the price of 1.5200 (swing low like resistance). If the price breaks the level of 1.5200 in a high volume, we may see a possible testing of the level of 1.5350 (major Fibonacci retracement 38.2%). My advice is to watch for potential buying opportunities on the lows (buy on the dips).


Daily Fibonacci pivot levels:


Resistance levels:


R1: 1.5174


R2: 1.5201


R3: 1.5244


Support levels:


S1: 1.5088


S2: 1.5061


S3: 1.5018


Trading recommendations: Be careful when selling at this stage and watch for potential buying opportunities after retracement (buy on the dips).




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