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    EUR/NZD analysis for May 05, 2015

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    Overview:

    Recently, EUR/NZD has been trading downward. As we had expected, the price tested the level of 1.4720 in a volume below the average (finished bearish correction). The short-term trend is bullish. Be careful when selling EUR/NZD around the price of 1.4720. According to Fibonacci expansion, the next bullish objective point is at the price of 1.5000 (Fibonacci expansion 161.8%). According to the daily time frame, we can observe supply in a very low volume. I have placed Fibonacci retracement to find potential support levels. I got Fibonacci retracement 38.2% at the price of 1.4620, Fibonacci retracement 50% at the price of 1.4535 and Fibonacci expansion 61.8% at the price of 1.4450.

    Fibonacci Pivot Points:

    Resistance levels:

    R1: 1.4870

    R2: 1.4905

    R3: 1.4960

    Support levels:

    S1: 1.4760

    S2: 1.4730

    S3: 1.4670

    Trading recommendations: Be careful when selling EUR/NZD and watch for potential buying opportunities after a retracement.

    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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