FX.co ★ EUR/NZD analysis for March 06, 2015

Overview:

In our last analysis EUR/NZD was trading downwards. The price rejected from our Fibonacci retracement 38.2% (1.4810). According to the 4H time frame, we can observe supply in a volume above the average. I have placed Fibonacci retracement to find potential support levels and have got Fibonacci retracement 61.8% at the price of 1.4650 (currently on the test). Selling EUR/NZD at this stage still looks very risky since we may expect reaction from buyers.

Daily Fibonacci pivot levels:

Resistance levels:

R1: 1.4797

R2: 1.4850

R3: 1.4939

Support levels:

S1: 1.4621

S2: 1.4567

S3: 1.4479

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