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EUR/NZD analysis for December 08, 2015

EURNZDDaily.png08.png

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Overview:

Recently, EUR/NZD has been moving upwards. As I had expected, the price tested the level of 1.6378 in a high volume. According to the H1 time frame, we can observe strong rejection from Fibonacci retracement 61.8% at the level of 1.6070. I placed Fibonacci expansion to find potential profit targets. First profit target is seen at the level of 1.6480 (Fibonacci expansion 61.8%) and second is at 1.6745 (Fibonacci expansion 100%.) Watch for potential buying opportunities on dips. The short-term trend has changed from downward to upward.

Fibonacci Pivot Points :

Resistance levels:

R1: 1.6350

R2: 1.6400

R3: 1.6490

Support levels:

S1: 1.6170

S2: 1.6115

S3: 1.6025

Trading recommendations : Selling EUR/NZD at this stage looks very risky. Watch for potential buying opportunities on dips.

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