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EUR/NZD analysis for March 09, 2015

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Overview:

In our last analysis EUR/NZD was trading upwards. The price has tested the level of 1.4794. According to the 4H time frame, I have placed Fibonacci expansion to find potential resistance levels and have got Fibonacci expansion 61.8% at the price of 1.4760 (currently on the test), Fibonaci expansion 100% at the price of 1.4860 and Fibonacci expansion 161.8% at the price of 1.5020. Selling EUR/NZD at this stage still looks very risky since we may expect reaction from buyers. My advice is to watch for potential buying opportunities after retracement.

Daily Fibonacci pivot levels:

Resistance levels:

R1: 1.4762

R2: 1.4809

R3: 1.4885

Support levels:

S1: 1.4610

S2: 1.4563

S3: 1.4487

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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