FX.co ★ EUR/NZD analysis for April 17, 2015

Overview:

Recently, EUR/NZD has been trading sideways around the price of 1.4030. Our Fibonacci expansion 100% at the price of 1.4025 is on the test again. The short-term trend is bearish to neutral. Be careful when buying and watch for potential selling opportunities after corrections. If the price breaks the level of 1.4025 in a high volume, we may see possible testing of the level of 1.3715 (Fibonacci expansion 161.8%). I have placed Fibonacci retracement to find potential resistance levels and have got Fibonacci retracement 38.2% at the price of 1.4070 (on the test) and Fibonacci retracement 61.8% at the price of 1.4135.

Fibonacci Pivot Points:

Resistance levels:

R1: 1.4085

R2: 1.4115

R3: 1.4165

Support levels:

S1: 1.3985

S2: 1.3955

S3: 1.3905

Trading recommendations: If the price breaks the level of 1.4025 in a high volume, we may see potential testing of the level of 1.3715. Selling opportunities are preferable below the price of 1.4025.