13.03.201517:43 Forex Analysis & Reviews: EUR/NZD analysis for March 13, 2015

Long-term review

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Overview:

In our last analysis EUR/NZD was trading downwards. As we expected, the price has tested the level of 1.4324 in a high volume. We can observe a successful rejection from our resistance level around the price of 1.4465 (Fibonacci retracement 38.2%). The short- and mid-term trends are bearish and my advice is to watch for potential selling opportunities after corrections. I found a range zone according to 30-minute time frame around the price of 1.4390-1.4300. According to the long-term time frames, we may see a possible testing of Fibonacci expansion 161.8% at the price of 1.3550. If the price breaks the level of 1.4290, we may see a possible testing of the level of 1.4175 (Fibonacci expansion 61.8%).

Daily Fibonacci pivot levels:

Resistance levels:

R1: 1.4472

R2: 1.4521

R3: 1.4600

Support levels:

S1: 1.4315

S2: 1.4266

S3: 1.4188

Trading recommendations: Be careful when buying at this stage and watch for potential selling opportunities after a retracement (after bullish correction).

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