FX.co ★ EUR/NZD analysis for August 29, 2014

Overview:

Since our last analysis, EUR/NZD has been trading downwards. As we expected, the price has tested the level of 1.5680 (Fibonacci retracement 38.2%) in an ultra high volume (selling climax), which is a sign that buying looks very risky. It is still unsafe to buy anything, so watch for potential selling opportunities after retracement. If the price breaks the level of 1.5710 in a higher volume, we may see potential testing the level of 1.5595. According to the 30-minutes time frame, we can observe ultra high volume demand (buying climax), which is a sign that buying looks risky. Watch for potential selling opportunities.

Daily Fibonacci pivot levels :

Resistance levels:

R1: 1.5758

R2: 1.5772

R3: 1.5795

Support levels:

S1: 1.5712

S2: 1.5698

S3: 1.5675

Trading recommendations: Be careful when buying the EUR/NZD pair and watch for selling opportunities after retracement.