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24.12.2014 02:05 PM
EUR/NZD analysis for December 24, 2014

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Overview:

In our last analysis, EUR/NZD was trading sideways around the price of 1.5800. According to the daily time frame, we got supply in a volume below the average, which caused price to continue with upward movement. I placed Fibonacci retracement to find potential resistance levels and got Fibonacci retracement 38.2% at the price of 1.5900 and Fibonacci retracement 61.8% at the price of 1.6000. Selling EUR/NZD at this stage looks risky since we saw a lack of supply around the price of 1.5745. We are waiting for a larger activity on the market and stronger price action.

Daily Fibonacci pivot levels:

Resistance levels:

R1: 1.5830

R2: 1.5854

R3: 1.5891

Support levels:

S1: 1.5755

S2: 1.5731

S3: 1.5693

Trading recommendations: Be careful when selling the EUR/NZD pair since we have a lack of supply around the level of 1.5750.

Summary
Urgency
Analytic
Petar Jacimovic
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