EUR/NZD analysis for December 30, 2014
Earlier, EUR/NZD was trading downward. The price has experienced the level of 1.5508 in a normal volume. Support level around the price of 1.5650 got broken, which is a indication that we may see more downward movement.
I have placed major Fibonacci development to find possible support level and got Fibonacci growth 100% at the price of 1.5400. Consequently to the H4 time frame, we can see selling climax in the background and weak supply later. Selling at this area might be risky.
My suggestion is to watch for possible selling opportunities after retracement with probable target around the price of 1.5400. Well, if we observe a better demand on the market in an extremely high volume, it possibly will confirm further bullish phase.
Daily Fibonacci pivot levels:
Be cautious when selling the EUR/NZD at this level, because we can observe supply in a low volume.