Technical Analysis of EUR/NZD for January 05, 2015
Earlier time, EUR/NZD was heading upwards. As we estimated, the trend tested the level of 1.5675 in an especially high volume. Consequently to the H4 time frame, we can see strong rejection from our resistance area, which caused price to establish downward movement.
My suggestion is to look for potential selling opportunities. Our most important support level is around the price of 1.5400 (Fibonacci expansion 100%).
Daily Fibonacci pivot levels:
Be cautious while buying the EUR/NZD pair at this level, since we can see strong rejection in the background.