FX.co ★ EUR/NZD analysis for January 30, 2015

Overview:

In our last analysis EUR/NZD was trading upwards. There is not many movements today. The price tested the level of 1.5658 in a volume below the average. Our Fibonacci retracement 38.2% at the price of 1.5415 got broken so we may expect testing of the level of 1.5800 (Fibonacci retracement 61.8%). Accordiung to the monthly time frame, we can observe successful rejection from our support level at the price of 1.5000. Selling EUR/NZD at this stage looks risky so my advice is to watch for potential buying opportunities after retracement (buy on the dips). According to the previous price action, I have found support level at the price of 1.5440 (swing high like support).

Daily Fibonacci pivot levels:

Resistance levels:

R1: 1.5626

R2: 1.5692

R3: 1.5797

Support levels:

S1: 1.5415

S2: 1.5439

S3: 1.5243

Trading recommendations: Be careful when selling since we have successful rejection from monthly support level in the background.