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

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    Recently, EUR/NZD has been moving sideways at the price of 1.6360. According to the 1H time frame, I found a rounding bottom pattern (reversal pattern) in the background, which is a sign that intraday selling looks risky. I placed the Fibonacci expansion to find the potential end of the bearish correction and I got the Fibonacci expansion of 61.8% at the price of 1.6350. The short-term trend is bullish. So, watch for buying opportunities on the dips. The first take profit level is set at the price of 1.6425 and the second take profit level is set at the price of 1.6590.

    Fibonacci Pivot Points:

    Resistance levels:

    R1: 1.6425

    R2: 1.6465

    R3: 1.6530

    Support levels:

    S1: 1.6295

    S2: 1.6255

    S3: 1.6190

    Trading recommendation for today: Be careful when selling EUR/NZD and watch for buying opportunities on the dips.


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