InstaForex - Analytics

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    EUR/NZD analysis for October 05, 2015

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    Overview:

    Recently, EUR/NZD has been moving downwards. The price tested the level of 1.7218. In the daily time frame, we can observe an up-thrust bar (sellers came in). The intraday trend is downward. According to the M30 chart, we can observe an absorption volume from the Friday volume spike, which is a sign that buying looks very risky. Watch for potential selling opportunities after retracement. Anyway, major daily support at the price of 1.7265 is on the test (daily swing lows). Watch for a potential breakout of the support to confirm further downward movement. If the price breaks the level of 1.7265, we may see possible testing of the level of 1.7010.

    Fibonacci Pivot Points :

    Resistance levels:

    R1: 1.7575

    R2: 1.7645

    R3: 1.7750

    Support levels:

    S1: 1.7365

    S2: 1.7300

    S3: 1.7190

    Trading recommendations: Be careful when buying and watch for potential selling opportunities.


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