FX.co ★ EUR/NZD: analysis for December 03, 2013

Overview:

Since our last analysis, the EUR/NZD pair has been trading downwards. Just as we exptected, the price tested the level of 1.6480 (FR 38.2 %) on volume above the average. Potential levels for the end of the bearish correcrtive phase are 1.6480, 1.6427, 1.6351, 1.6270. Since our major Fibonacci expansion 61.8% was held, we may expect a re-building of a bullish strength. According to the daily chart, we have got a supply bar on volume below the average. Since we are in the uptrend, according to the daily chart, my advice is to watch for buying opportunities after bearish corrective phase.

Daily pivot Fibonacci points:

Resistance levels:

R1: 1.6642

R2: 1.6688

R3: 1.6761

Support levels:

S1: 1.6495

S2: 1.6449

S3: 1.6375

Trading recommendation: Be careful with selling EUR/NZD and watch for buying opportunities after bearish corrective phase.