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14.07.2014 03:48 PM
EUR/NZD analysis for July 14, 2014

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Overview:

Since our previous analysis, the EUR/NZD pair has been trading sideways. We are facing a quiet day and low activity on this pair. I have placed Fibonacci expansion levels to find the second down station. I got the second down station around the level of 1.5420 (currently on the test). Be careful when buying and watch for potential selling opportunities. The third major down station (short-term) is still at the price of 1.5335 (Fibonacci expansion 161.8%). According to the 1H timeframe, we can observe buying climax and bearish reaction in higher volume, which is a sign that buying at this stage looks risky.

Daily pivot Fibonacci points:

Resistance levels:

R1: 1.5450

R2: 1.5461

R3: 1.5477

Support levels:

S1: 1.5417

S2: 1.5406

S3: 1.5389

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

Summary
Urgency
Analytic
Petar Jacimovic
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