InstaForex - Analytics

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    EUR/NZD analysis for May 16, 2016 2016-05-16

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    Recently, EUR/NZD has been moving sideways at the 1.6650 level. Previous analysis is still valid. According to the 30M time frame chart, there is a trading range between the 1.6640 (support) and 1.6800 (resistance) levels.The level of 1.6640 is on the test. Watch for a breakout of the trading range in a high volume to define further direction. The upside target is set at 1.6920. In case the price breaks support, the downside target should be placed at 1.6540.

    Fibonacci Pivot Points:

    Resistance levels:

    R1: 1.6725

    R2: 1.6745

    R3: 1.6780

    Support levels:

    S1: 1.6650

    S2: 1.6630

    S3: 1.6600

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


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