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22.08.2014 05:42 PM
EUR/NZD analysis for August 22, 2014
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Overview:

Since our last analysis, EUR/NZD has been trading downwards. As we expected, the price tested the level of 1.5731 in a volume above the average according to the 4H timeframe. Price has been successfully rejected again from our Fibonacci retracement 61.8% at the price of 1.5900, which caused price to start with downward movement. Watch for potential selling opportunities after retracement. So, if the price breaks the level of 1.5710 in a higher volume, we may see potential testing the level of 1.5595.

Daily Fibonacci pivot levels :

Resistance levels:

R1: 1.5847

R2: 1.5864

R3: 1.5893

Support levels:

S1: 1.5789

S2: 1.5772

S3: 1.5743

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


 

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