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    EUR/NZD analysis for February 20, 2015

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    Overview:

    In our last analysis EUR/NZD was trading upwards. As we expected, the price has tested the level of 1.4965 in a high volume. According to the M30, we can observe a high-effort bar with very low results. The resistance level at the price of 1.5200 has been held successfully, thus causing price to start with downward movement. I have placed Fibonacci retracement to find resistance levels and I got Fibonacci retracement 38.2% at the price of 1.5160. Anyway, if the price breaks the level of 1.4965 in a high volume, we may see a possible testing of the level of 1.4865 (Fibonacci expansion 100%). My advice is to watch for potential buying opportunities on the lows.

    Daily Fibonacci pivot levels:

    Resistance levels:

    R1: 1.5185

    R2: 1.5215

    R3: 1.5265

    Support levels:

    S1: 1.5085

    S2: 1.5055

    S3: 1.5005

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

    Petar Jacimovic 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
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