EUR/NZD analysis for December 11, 2014
In our previous forecast, EUR/NZD was moving downward. As we predicted the trend tested the price of 1.5850 in a very high volume. Our Fibonacci growth 100% at the level of 1.6145 held effectively and it made price begin with strong downward movement.
I positioned Fibonacci retracement to get possible support level and I caught Fibonacci retracement 61.8% at the price of 1.5850 (currently on the test). Consistently to the 4H time frame, we can find lack of supply around the price at 1.5850. So, be careful while selling at this level, but look for possible selling possibilities after retracement.
Daily Fibonacci pivot levels:
Be careful while buying the EUR/NZD pair since we acquired strong supply in the background.