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FX.co ★ EUR/NZD analysis for September 16, 2014

EUR/NZD analysis for September 16, 2014

EUR/NZD analysis for September 16, 2014

EUR/NZD analysis for September 16, 2014

Overview:

Since our last analysis, EUR/NZD has been trading sideways around the price of 1.5860. As we expected, the price rejection from the level of 1.5800 (swing high like support) . I have placed Fibonacci expansion to find potential resistance levels. I got Fibonacci expansion 61.8% around the price of 1.5830 (already broken) and Fibonacci expansion 100% at the price of 1.6010. If the price breaks the level of 1.5900 (swing high like resistance), we may see potential testing the level of 1.6000 (Fibonacci expansion 100%). According to the 4H time frame, we can observe support at the price of 1.5825 (swing high like support). I have also placed Fibonacci retracement to find potential support levels if the price start with downward movement and I got Fibonacci retracement 38.2% at the price of 1.5790 and Fibonacci retracement 61.8% at the price of 1.5695.

Daily Fibonacci pivot levels :

Resistance levels:

R1: 1.5915

R2: 1.5950

R3: 1.6006

Support levels:

S1: 1.5803

S2: 1.5768

S3: 1.5712

Trading recommendations: Be careful when selling the EUR/NZD pair since we may see further upward movement.

 

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade
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