FX.co ★ EUR/NZD : analysis for March 05, 2015

Overview:

In our last analysis EUR/NZD was trading upwards. As we expected, the price has tested the level of 1.4780 in a volume above the average. According to the 4H time frame, we saw lack of supply around the price of 1.4583 and a strong reaction from buyers. WE got resistance level at the price of 1.4775 (currently on the test) and resistance level around the price of 1.4915. Selling EUR/NZD at this stage still looks very risky since we may expect reaction from buyers.

Daily Fibonacci pivot levels:

Resistance levels:

R1: 1.4754

R2: 1.4815

R3: 1.4914

Support levels:

S1: 1.4556

S2: 1.4495

S3: 1.4396

Trading recommendations: Be careful when selling at this stage and watch for potential buying opportunities after retracement (buy on the dips).