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    EUR/NZD analysis for February 09, 2016 2016-02-09

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    Overview:

    Recently, EUR/NZD has been moving upwards. As I expected, the price tested the level of 1.7076 in a high volume. In the daily time frame, I found strong demand, which is a sign that selling looks risky. In the 1-hour time frame, I found the price rejection at the strong support level of 1.6900 where we got support cluster and upward diagonal support. So, be careful when selling EUR/NZD at this stage and watch for potential buying opportunities. The resistance level is seen at 1.7260.

    Fibonacci Pivot Points:

    Resistance levels:

    R1: 1.6930

    R2: 1.6975

    R3: 1.7045

    Support levels:

    S1: 1.6790

    S2: 1.6745

    S3: 1.6675

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


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