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13.02.2014 03:11 PM
EUR/NZD analysis for February 13, 2014
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Overview:

Since our previous analysis, the EUR/NZD pair has been trading upwards, as we expected, the price tested the level of 1.6424 on high volume. We can observe buying climax (strong demand) like reaction on selling climax in the background. The area of 1.6300-1.6280 is major support since we've got major Fibonacci expansion 61.8% (1.6300) and sub major FE 61.8% at the price of 1.6285. Selling around these areas looks very risky. I plcaced Fibonacci retracement to find potential upper stations and i got FE 38.2% at the price of 1.6435 1.6450 and FR 61.8% at the price of 1.6575. EUR/NZD is in short- and mid-term bullish trend, so watch for buying opportunities on the dips and try to catch the bullish continuation phase.

Daily pivot Fibonacci points:

Resistance levels:

R1: 1.6400

R2: 1.6440

R3: 1.6504

Support levels:

S1: 1.6273

S2 : 1.6233

S3: 1.6170

Trading recommendation: Be careful with selling the EUR/NZD pair,watch for buying opportunities and try to catch the bullish continuation phase.

Summary
Urgency
Analytic
Petar Jacimovic
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