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    EUR/NZD analysis for July 08, 2015

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    Overview:

    Recently, EUR/NZD is moving downwards. The price tested the level of 1.6412 in an ultra high volume (selling climax). In the daily time frame, we can observe an indecision bar in a volume above the average, which is a sign of sideways market. The short-term trend is neutral but the mid-term trend is still bullish. I found strong trading range between the prices of 1.6615 (resistance) and 1.6420 (support). Be careful when sellng at this stage since there is strong support around the price of 1.6420.

    Fibonacci Pivot Points :

    Resistance levels:

    R1: 1.6605

    R2: 1.6650

    R3: 1.6725

    Support levels:

    S1: 1.6460

    S2: 1.6415

    S3: 1.6345

    Trading recommendations: Selling EUR/NZD looks risky. We can observe sideways market so I am waiting for a clear breakout of our trading range and strong momentum.


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