FX.co ★ EUR/NZD : analysis for November 20, 2014

Overview:

In our last analysis, EUR/NZD has been trading upwards. As we expected, the price tested and rejected from the level of 1.6035 in an ultra high volume (selling climax). According to the daily time frame, we can observe demand on the market in a volume below average. The price rejected from our submajor Fibonacci retracement 61.8% at 1.6035. I found the support level at the price of 1.5870. Be careful when buying EUR/NZD at this stage and watch for potential selling opportunities after retracement.

Daily Fibonacci pivot levels:

Resistance levels:

R1: 1.5998

R2: 1.6042

R3: 1.6113

Support levels:

S1: 1.5857

S2: 1.5813

S3: 1.5743

Trading recommendations: Be careful when buying EUR/NZD since we may expect reaction from sellers