FX.co ★ EUR/NZD analysis for February 11, 2015

Overview:

In our last analysis EUR/NZD was trading sideways around the price of 1.5250. Our Fibonacci retracement 61.8% at the price of 1.5180 almost got tested. 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. Our Fibonacci expansion 61.8% at the price of 1.5235 is held successfully. 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. We got resistance level at the price of 1.5340.

Daily Fibonacci pivot levels:

Resistance levels:

R1: 1.5314

R2: 1.5337

R3: 1.5373

Support levels:

S1: 1.5242

S2: 1.5219

S3: 1.5183

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