FX.co ★ EUR/NZD analysis for February 10, 2015

Overview:

In our last analysis EUR/NZD was trading downwards. As we expected, the price has tested the level of 1.5194 in a volume below the average. Our Fibonacci retracement 61.8% at the price of 1.5180 almost got testes; so my advice is to be careful when selling EUR/NZD at this stage. Anyway, if the price breaks the level of 1.5180, we may see a possible testing of the level of 1.5060. According to the 4H time frame, we can observe lack of supply around the price of 1.5225, which is a sign that selling looks risky.

Daily Fibonacci pivot levels:

Resistance levels:

R1: 1.5375

R2: 1.5424

R3: 1.5504

Support levels:

S1: 1.5215

S2: 1.5166

S3: 1.5086

Trading recommendations: Be careful when selling at this stage and watch for potential buying opportunities after retracement (buy on the dips).