FX.co ★ EUR/NZD : analysis for April 24, 2015

Overview:

Recently, EUR/NZD has been trading upwards. As we had expected, the price tested the level of 1.4389 in a high volume. The short-term trend changed from bearish to bullish. Be careful when selling at this stage and watch for potential buying opportunities after a bearish correction. According to the H4 time frame, we can observe demand in an ultra-high volume. Our Fibonacci retracement 61.8% at the level of 1.4290 is broken. So, the level of 1.4520 is likely to be put to the test. According to the daily time frame, we got demand in an ultra-high volume and price actions were very strong.

Fibonacci Pivot Points:

Resistance levels:

R1: 1.4292

R2: 1.4364

R3: 1.4481

Support levels:

S1: 1.4060

S2: 1.3985

S3: 1.3870

Trading recommendations: Be careful when selling EUR/NZD and watch for potential buying opportunities after retracement.