FX.co ★ EUR/NZD analysis for September 17, 2014

Overview:

Since our last analysis, EUR/NZD has been trading sideways around the price of 1.5850. As we expected, the price rejection took place from the level of 1.5800 (swing high like support) . I have placed Fibonacci expansion to find potential resistance levels. I got Fibonacci expansion 61.8% around the price of 1.5830 (already broken) and Fibonacci expansion 100% at the price of 1.6010. If the price breaks the level of 1.5900 (swing high like resistance), we may see potential testing the level of 1.6000 (Fibonacci expansion 100%). According to the 1H time frame, we can observe Fibonacci retracement 38.2% from the most recenet upward leg at the price of 1.5847 (successful tested). Be careful when selling and watch for potential buying opportunities.

Daily Fibonacci pivot levels :

Resistance levels:

R1: 1.5867

R2: 1.5895

R3: 1.5940

Support levels:

S1: 1.5777

S2: 1.5749

S3: 1.5704

Trading recommendations: Be careful when selling the EUR/NZD pair since we may see further upward movement.