EUR/NZD Technical analysis for December 26, 2014
In earlier session, EUR/NZD was trading downward position. The price has tested the level of 1.5711 in a volume lower than the average. We can see a possible testing of the level of 1.5675-1.565 (swing low like support).
Selling EUR/NZD at this stage looks risky since we can observe supply in a low volume. We are waiting for a larger activity on the market and stronger price action.
My suggestion is to watch for possible buying opportunities on the lows. Any bigger demand may ensure a further bullish phase.
Daily Fibonacci pivot levels:
Resistance levels: R1: 1.5808 R2: 1.5825 R3: 1.5854
Support levels: S1: 1.5751 S2: 1.5734 S3: 1.5706
Trading recommendations: Be careful when selling the EUR/NZD pair since we can observe supply in a low volume