Forex Analysis of EUR/NZD for December 10, 2014
Analysis of EUR/NZD for December 10, 2014
In our previous analysis, EUR/NZD was moving downwards. As we predicted, the level of 1.6026 was tested by the price in a regular volume. At the price of 1.6145, our Fibonacci growth 100% occurred successfully, and it constructed price start with downward progress. I positioned Fibonacci retracement to get possible support level and I obtained Fibonacci retracement 38.2% at the price of 1.5960 and Fibonacci retracement 61.8% at the price of 1.5840.
Considering to the 4H time frame, we can see lack of demand around the price of 1.6150. So, be alert while buying and look for potential selling opportunities. Some larger supply may bring up an advance bearish phase.
Daily Fibonacci pivot levels:
Be aware while buying the EUR/NZD pair as we got negative response from our resistance level in the background.