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    EUR/NZD analysis for November 05, 2015

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    Overview:

    Recently, EUR/NZD has been moving sideways around the price of 1.6460. Activity in the market is still low. The trend is downward, the price is in the Ichimoku cloud on the H4 chart. We can observe a 9-day major support cluster around the prices of 1.6150-1.6210. So be careful when selling EUR/NZD before a breakout of our key support level. The price is also in a strong downward channel. A breakout in a high volume of the level of 1.6150 will confirm further downward continuation. Resistance is at the price of 1.6500. Watch for a potential change in polarity. The strong support at the price of 1.6150 may become strong resistance once it is broken.

    Fibonacci Pivot Points :

    Resistance levels:

    R1: 1.6540

    R2: 1.6585

    R3: 1.6650

    Support levels:

    S1: 1.6410

    S2: 1.6370

    S3: 1.6305

    Trading recommendations: Be careful when selling EUR/NZD at this stage since the price is at the 1.6150 critical support. Watch for a potential breakout of the level of 1.6150 to confirm downward continuation.


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