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    EUR/NZD analysis for March 14, 2016 2016-03-14

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    Overview:

    Recently, EUR/NZD has been moving downwards. As I expected, due to a massive buying climax in the background, the price tested the level of 1.6513. In the daily time frame, we can observe strong supply bar in a high volume, which is a sign of weakness. According to the M30 time frame, I found potential downward continuation. The level of 1.6600 looks very good for selling. I placed Fibonacci expansion to find a potential downward station. I got Fibonacci expansion 61.8% at the level of 1.6415. Watch for potential selling opportunities on rallies.

    Fibonacci Pivot Points:

    Resistance levels:

    R1: 1.6705

    R2: 1.6770

    R3: 1.6875

    Support levels:

    S1: 1.6500

    S2: 1.6435

    S3: 1.6325

    Trading recommendation for today: Watch for potential selling opportunities on rallies.


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