FX.co ★ EUR/NZD : analysis for November 21, 2014

Overview:

In our last analysis, EUR/NZD has been trading downwards. As we expected, the price rejected from the level of 1.6035 and tested the level of . According to the daily time frame, we can observe supply in a volume above the average. According to the 4H time frame, we can oberve supply in a ultra high volume (selling climax), which is sign that buying at this stage looks risk. Anyway, we may see smaller reaction from buyers so my advice is to wait for bullish corrective phase and then try to build selling positions. Our next down station is around the price of 1.5515.

Daily Fibonacci pivot levels:

Resistance levels:

R1: 1.6010

R2: 1.6038

R3: 1.6084

Support levels:

S1: 1.5918

S2: 1.5889

S3: 1.5844

Trading recommendations: Be careful when buying EUR/NZD since we may expect lower prices