17.12.201414:30 Forex Analysis & Reviews: EUR/NZD analysis for December 17, 2014

Long-term review

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Overview:

In our last analysis, EUR/NZD was trading upward. The price tested the level of 1.6158 in a volume below the average. Our Fibonacci retracement 38.2% at the price of 1.6020 has been held successfully, and it made price start with an upward movement. I have placed Fibonacci expansion to find potential resistance level and I got Fibonacci expansion 61.8% at the price of 1.6160. According to the 4H time frame, we can observe weak demand in the background. Since we got new swing high, I have plaved Fibonacci retracement to find potential support levels and I got Fibonacci retracement 38.2% at the price of 1.6035 and Fibonacci retracement 61.8% at the price of 1.5960. So, be careful when buying EUR/NZD at this stage since price rejected from our resistance level.

Daily Fibonacci pivot levels:

Resistance levels:

R1: 1.6105

R2: 1.6139

R3: 1.6194

Support levels:

S1: 1.5955

S2: 1.5961

S3: 1.5906

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

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