FX.co ★ EUR/NZD analysis for September 02, 2014

Overview:

Since our last analysis, EUR/NZD has been trading upwards. The price tested the level of 1.5748 in a volume above average. It is still unsafe to buy anything, so watch for potential selling opportunities after retracement. I have placed Fibonacci retracement to find potential resistance levels and I got Fibonacci retracement 38.2% at the price of 1.5740 and Fibonacci retracement 61.8% at the price of 1.5800. According to the 4H time frame, we are in a bullish corrective phase.

Daily Fibonacci pivot levels :

Resistance levels:

R1: 1.5711

R2: 1.5728

R3: 1.5756

Support levels:

S1: 1.5656

S2: 1.5639

S3: 1.5612

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