EUR/NZD analysis for September 01, 2014

Subject: EUR/NZD analysis for September 01, 2014 Mon Sep 01, 2014 10:34 am

Overview:
Since our last analysis, EUR/NZD has been trading downwards. As we expected, the price has tested the level of 1.5650 (Fibonacci retracement 38.2% is broken) in an ultra high volume (selling climax), which is a sign that buying looks very risky. It is still unsafe to buy anything, so watch for potential selling opportunities after retracement. Since the price has broken the level of 1.5710 in a higher volume, we may see potential testing the level of 1.5595. According to the 4H time frame, we can observe sideways market, which is a sign that buying looks risky. Watch for potential selling opportunities.

Trading recommendations: Buying Gold looks risky since the price has broken the support level.
EUR/NZD analysis for September 01, 2014 Attachment

EUR/NZD analysis for September 01, 2014 Attachment