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    EUR/NZD analysis for February 05, 2016 2016-02-05

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    Overview:

    Recently, EUR/NZD has been moving sideways around the level of 1.6650. In the daily time frame, I found a weak demand bar, which is a sign of weakness. In the 4-hour time frame, I found evening star candle formation (bearish formation). So, be careful when buying EUR/NZD at this stage and watch for potential selling opportunities. If the price breaks the level of 1.6515, we may expect potential testing of 1.6260 (Fibonacci expansion 100%) and 1.5830 (Fibonacci expansion 161.8%). Intraday resistance level seen is at 1.6740 (volume balance zone).

    Fibonacci Pivot Points:

    Resistance levels:

    R1: 1.6690

    R2: 1.6720

    R3: 1.6760

    Support levels:

    S1: 1.6610

    S2: 1.6580

    S3: 1.6540

    Trading recommendations: Watch for a potential breakout of 1.6515 to confirm further downward continuation.


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