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    EUR/NZD analysis for February 08, 2016 2016-02-08

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    Overview:

    Recently, EUR/NZD has been moving upwards. In the daily time frame, I found a weak demand bar in an average volume. In the 4-hour time frame, I found evening rejection from Fibonacci expansion 61.8% at the price of 1.6545. So be careful when selling EUR/NZD at this stage and watch for potential buying opportunities. I found resistance level at the price of 1.7000. Intraday resistance level is set at the price of 1.6890. Intraday support from the other side is found at the price of 1.6750.

    Fibonacci Pivot Points:

    Resistance levels:

    R1: 1.6850

    R2: 1.6900

    R3: 1.6990

    Support levels:

    S1: 1.6675

    S2: 1.6620

    S3: 1.6530

    Trading recommendations: EUR/NZD is in the uptrend. Watch for potential buying opportunities on dips.


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