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    Analysis of EUR/NZD for January 05, 2014

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    Overview:

    In our last analysis, EUR/NZD was trading upwards. As we expected, the price tested the level of 1.5675 in an ultra high volume (buying climax). According to the H4 time frame, we can can observe strong rejection from our resistance level, which caused price to start with downward movement. My advice is to watch for potential selling opportunities. Our major support level is around the price of 1.5400 (Fibonacci expansion 100%). Daily Fibonacci pivot levels: Resistance levels: R1: 1.5624 R2: 1.5659 R3: 1.5714 Support levels: S1: 1.5513 S2: 1.5478 S3: 1.5422 Trading recommendations: Be careful when buying the EUR/NZD pair at this stage, since we can observe strong rejection in the background.

    Petar Jacimovic neemt deel aan de "Analyst of the Year" onderscheiding georganiseerd door MT5.com portal. Als u zijn artikel goed vindt, stemt u dan op hem.

    Uitgevoerd door, Analytische expert
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