16.12.201415:02 Forex Analysis & Reviews: EUR/NZD analysis for December 16, 2014

Long-term review

This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

Overview:

In our last analysis, EUR/NZD was trading downward. As we expected, the price tested the level of 1.5983 in a very high volume. Our Fibonacci retracement 61.8% at the price of 1.6060 has been held successfully, and it made price start with downward movement. I placed Fibonacci expansion to find potential support levels and got Fibonacci expansion 61.8% at the price of 1.5910. According to the 4H time frame, we can observe supply in a very hgih volume. So, be careful when buying EUR/NZD at this stage since price rejected from our resistance level.

Daily Fibonacci pivot levels:

Resistance levels:

R1: 1.6089

R2: 1.6116

R3: 1.6160

Support levels:

S1: 1.6002

S2: 1.5975

S3: 1.5932

Trading recommendations: Be careful when buying the EUR/NZD pair since we got a strong rejection from our resistance level.

Back to the list

Open trading account

InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.