InstaForex - Analytics

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    Analysis of EUR/NZD for May 13, 2016 2016-05-13

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    Recently, EUR/NZD has been moving sideways at the 1.6680 level. Previous analysis is still valid. According to the 30M time frame chart, there is a trading range between the 1.6666 (support) and 1.6800 (resistance) levels. Watch for a breakout of the trading range to define further direction. The upside target is set at 1.6920. In case the price breaks support, the downside target should be places at 1.6540.

    Fibonacci Pivot Points:

    Resistance levels:

    R1: 1.6745

    R2: 1.6775

    R3: 1.6820

    Support levels:

    S1: 1.6650

    S2: 1.6625

    S3: 1.6580

    Trading recommendation for today: watch for breakout of trading range to confirm further direction.


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