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01.04.2014 02:12 PM
EUR/NZD analysis for April 01, 2014

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Overview:

Since our previous analysis, the EUR/NZD pair has been trading sideways, around the price of 1.5900, we are still waiting for a larger movement. According to the daily chart, we can observe neutral bar on volume above the average, which is a sign that we have got indecision currently. Our level of 1.5940 (Fibonacci retracement 38.2%) held successfully. If the price breaks that level of 1.5940 on higher volume, we may see potential testing the level of 1.6050 (Fibonacci retracement 61.8%) before any larger bearish movement. Price rejected from our Fibonacci expansion 161.8% level at the price of 1.5810 and that caused price to start bullish correction. Watch for selling opportunities after retracement.

Daily pivot Fibonacci points:

Resistance levels:

R1: 1.5937

R2: 1.5964

R3: 1.6008

Support levels:

S1: 1.5848

S2 : 1.5821

S3: 1.5776

Trading recommendation: Be careful with buying the EUR/NZD and watch for selling opportunities after retracement.

Summary
Urgency
Analytic
Petar Jacimovic
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