FX.co ★ EUR/NZD analysis for October 01, 2014

Overview:

Our last analysis, EUR/NZD has been trading downwards. As we expected, the price tested the level of 1.6130 in an high volume. Our Fibonacci expansion 161.8% at the price of 1.6300 held successful, which caused price to start bearish movement (bearish corrective phase). .I have placed Fibonacci retracement to find support levels and I got Fibonacci retracement 38.2% at the price of 1.6100 and Fibonacci retracement 61.8% at the price of 1.5900. Anyway, to confirm further bullish movement, the price needs to break the level of 1.6300 in a high volume and with healthy price action. Be careful when buying and watch for potential selling opportunities after retracement.

Daily Fibonacci pivot levels :

Resistance levels:

R1: 1.6318

R2: 1.6367

R3: 1.6447

Support levels:

S1: 1.6158

S2: 1.6109

S3: 1.6029

Trading recommendations: Be careful when buying the EUR/NZD pair since we can observe bearish corrective phase