FX.co ★ EUR/NZD : analysis for March 27, 2015

Overview:

In our last analysis, EUR/NZD was trading downwards. As we expected, the price has tested the level of 1.4278 in a high volume. The price found support around the level of 1.4280 (close to Fibonacci retracement 61.8%). We can observe potential re-testing of downward channel, which may lead to further upward movement. My advice is to watch for potential buying opportunities after a retracement. The resistance level is seen around 1.4490.

Daily Fibonacci pivot levels:

Resistance levels:

R1: 1.4444

R2: 1.4486

R3: 1.4554

Support levels:

S1: 1.4308

S2: 1.4266

S3: 1.4198

Trading recommendations: Be careful when selling at this stage and watch for potential buying opportunities after a retracement.