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EUR/NZD – Price Stabilization Noticed at 1.6162 and 1.6044

The currency pair has been oscillating since the 11th of June, 2015 between the range of 1.6162 and 1.6044, with the first level acting as a major resistance zone and the second one as a powerful support area.
In the scenario where the bears are able to withhold the price lower than or close to 1.6162 they could by all means force the pair toward lower levels, such as the 1.6044 and 1.5843 respectively.
In contrast, a break above 1.6162 could signal the continuation of the previous utprend channel formation, with the price most probably escalating as high as 1.6324, the next crucial and major resistance level.

Please note: The content in this daily technical analysis article should not be taken as investment advice. It comprises our personal view.

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