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13.10.2014 02:43 PM
EUR/NZD analysis for October 13, 2014

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Overview :

In our last analysis, EUR/NZD has been trading downwards. As we expected, the price rejected from the level of 1.6210 and tested the level of 1.6086 in a average volume. I have placed Fibonacci expansion from most recent swings to find potential end of bullish corrective phase. I got Fibonacci expanson 61.8% at the price of 1.6200 (held successful). If the price breaks the level of 1.6000, we may see the testing of the level of 1.5900. Be careful when buying and watch for potential selling opportunities after retracement. According to the daily timeframe, we can observe weak demand on the market.

Daily Fibonacci pivot levels :

Resistance levels:

R1: 1.6202

R2: 1.6229

R3: 1.6272

Support levels:

S1: 1.6116

S2: 1.6089

S3: 1.6046

Trading recommendations: Be careful when buying the EUR/NZD pair since we may see short-term bearish continuation

Summary
Urgency
Analytic
Petar Jacimovic
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