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11.12.2014 12:57 PM
EUR/NZD analysis for December 11, 2014

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Overview:

In our last analysis, EUR/NZD was trading downward. As we expected, the price tested the level of 1.5850 in an extremely high volume (selling climax). Our Fibonacci expansion 100% at the price of 1.6145 held successfully, and it made price start with strong downward movement. I placed Fibonacci retracement to find potential support level and I got Fibonacci retracement 61.8% at the price of 1.5850 (currently on the test). According to the 4H time frame, we can observe lack of supply around the price at 1.5850. So, be careful when selling at this stage, but watch for potential selling opportunities after retracement.

Daily Fibonacci pivot levels:

Resistance levels:

R1: 1.6123

R2: 1.6196

R3: 1.6315

Support levels:

S1: 1.5884

S2: 1.5811

S3: 1.5691

Trading recommendations: Be careful when buying the EUR/NZD pair since we got strong supply in the background.

Summary
Urgency
Analytic
Petar Jacimovic
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