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08.09.2015 10:05 AM
EUR/NZD : analysis for September 08, 2015

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Overview:

Recently, EUR/NZD has been moving upwards. The price tested the level of 1.7878. In the daily time frame, we can observe a demand bar in a volume below average. The intraday trend is neutral. I found strong resistance (cluster) around the level of 1.7870. We need to see a change in the trend behavior to confirm any direction. In the H1 time frame, we can observe sings of weakness (supply coming in) that means we may expect a downward movement. I had placed Fibonacci retracement to find potential support levels. I got Fibonacci retracement 38.2% at 1.7670, Fibonacci retracement 50% at 1.7605 and Fibonacci retracement 61.8% at 1.7540.

Fibonacci Pivot Points :

Resistance levels:

R1: 1.7875

R2: 1.7920

R3: 1.7990

Support levels:

S1: 1.7740

S2: 1.7695

S3: 1.7620

Trading recommendations: Weakness is observed in the H1 time frame. Be careful when buying EUR/NZD around 1.7870.

Summary
Urgency
Analytic
Petar Jacimovic
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