EUR/NZD analysis for December 12, 2014
In our previous analysis, EUR/NZD was rising higher. As we predicted, the price experienced the level of 1.5970 in a regular level. Our Fibonacci retracement 61.8% at the price of 1.5835 occurred effectively and it created price start with strong upward trend.
I positioned Fibonacci retracement to get possible resistance level and got Fibonacci retracement 38.2% at the price of 1.5975 (at present on the test) and Fibonacci retracement 61.8% at the price of 1.6060.
According to the 4H time frame, we can see demand on the market. So, be cautious while buying EUR/NZD at this period since price is testing our resistance level.
Daily Fibonacci Pivot levels:
Be cautious while buying the EUR/NZD pair because our resistance level is on the test.