FX.co ★ EUR/NZD analysis for April 24, 2014

Overview:

Since our previous analysis, the EUR/NZD pair has been trading upwards, the price tested the level of 1.6148 again on volume just above the average. We are still waiting for a larger movement on this pair. According to the 1H time frame, we can observe rejection from our resistance level at the price of 1.6148 so buying at this stage looks risky. As we already wrote in the previous analysis, EUR/NZD is in short- and mid-term bearish trend, so watch for selling opportunities after retracement. I have placed Fibonacci retracement levels for the potential downward movement and i got Fibonacci retracement 38.2% at the price of 1.6090 and Fibonacci retracement 61.8% at the price of 1.6055. Buying looks risky, so watch for selling opportunities after retracement. Any larger supply on a higher volume may confirm further bearish movement. If the price starts upward movement, there is resistance at the price of 1.6175 (previous doji swing high).

Daily pivot Fibonacci points:

Resistance levels:

R1: 1.6139

R2: 1.6172

R3: 1.6227

Support levels:

S1: 1.6030

S2 : 1.5997

S3: 1.5943

Trading recommendation: Be careful with buying the EUR/NZD and watch for selling opportunities after retracement.