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07.03.2014 02:33 PM
EUR/NZD analysis for March 07, 2014

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Overview:

Since our previous analysis, the EUR/NZD pair has been trading downwards, as we expected, the price tested the level of 1.6367 on average volume. Be careful with selling since we've got buying climax (strong demand) starting from the level of 1.6191. EUR/NZD is in short- and mid-term bullish trend, so watch for buying opportunities on the dips and try to catch the bullish continuation phase. I have placed Fibonacci levels to find potential upper stations. I got Fibonacci Retracement 38.2% at the price of 1.6375 (on the test) and Fibonacci Retracement 61.8% at the price of 1.6485. Anyway, its very risky to sell at this stage, so my advice is to watch for potential bullish movement if we see rejection from our level.

Daily pivot Fibonacci points:

Resistance levels:

R1: 1.6362

R2: 1.6401

R3: 1.6464

Support levels:

S1: 1.6236

S2 : 1.6197

S3: 1.6134

Trading recommendation: Be careful with selling the EUR/NZD pair, watch for buying opportunities and try to catch the potential bullish continuation phase.

Summary
Urgency
Analytic
Petar Jacimovic
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