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    EUR/NZD analysis for June 07, 2016 2016-06-07

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    Recently, EUR/NZD has been moving downwards. As I expected, the price tested the level of 1.6273 in a high volume. According to the 4H time frame, I found another bearish engulfing pattern in a high volume. Be careful when buying EUR/NZD at this stage, since we may see futher downward continuation. Take profit level is set at the price of 1.6226 (previous swing low).

    Fibonacci Pivot Points:

    Resistance levels:

    R1: 1.6420

    R2: 1.6445

    R3: 1.6490

    Support levels:

    S1: 1.6325

    S2: 1.6295

    S3: 1.6250

    Trading recommendation for today: Watch for selling opportunities on pullbacks.


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