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EUR/NZD analysis for February 05, 2015

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Overview:

In our last analysis EUR/NZD was trading downwards. As we expected, the price has tested the level of 1.5376 in a high volume. Our Fibonacci retracement 61.8% around the price of 1.5800 was held successfully, and it made price start with bearish movement. Be careful when buying EUR/NZD at this stage since we may see more bearish movement before any larger bullish reaction. Our Fibonacci retracement 38.2% at the price of 1.5421 is on the test. Anyway, if the price breaks the level of 1.5420 in a high volume, we may see a possible testing of the level of 1.5180 (Fibonacci retracement 61.8%).

Daily Fibonacci pivot levels:

Resistance levels:

R1: 1.5623

R2: 1.5702

R3: 1.5829

Support levels:

S1: 1.5368

S2: 1.5289

S3: 1.5161

Trading recommendations: Be careful when buying at this stage, but watch for potential buying opportunities after retracement (buy on the dips)


Sergey Litvinenko neemt deel aan de "Analyst of the Year" onderscheiding georganiseerd door MT5.com portal. Als u zijn artikel goed vindt, stemt u dan op hem.

Uitgevoerd door, Analytische expert
InstaForex Group © 2007-2015


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