FX.co ★ EUR/NZD analysis for September 03, 2014

Overview:

Since our last analysis, EUR/NZD has been trading upwards. The price tested the level of 1.5828 in an ultra high volume (buying climax) according to the daily time frame. It is still unsafe to buy anything, so watch for potential selling opportunities after retracement. Our Fibonacci retracement 61.8% at the price of 1.5800 is on the test. According to the 4H time frame, we got buying climax near our resistance, so buying looks very risky at this stage. Any larger supply in a high volume may confirm further bearish movement.

Daily Fibonacci pivot levels :

Resistance levels:

R1: 1.5816

R2: 1.5856

R3: 1.5921

Support levels:

S1: 1.5686

S2: 1.5646

S3: 1.5581

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