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10.07.2014 04:35 PM
EUR/NZD analysis for July 10, 2014

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Overview:

Since our previous analysis, the EUR/NZD pair has been trading sideways. We are facing a quiet day and flat EUR/NZD around the price of 1.5460. According to the previous price movement, we can observe strong supply in an ultra high volume, according to the 1H timeframe, which is a sign that buying looks risky. I have placed Fibonacci expansion levels to find the second down station. I got the second down station around the level of 1.5420 (Fibonacci expansion 100%). Be careful when buying and watch for potential selling opportunities. The third major down station (short-term) is still at the price of 1.5335 (Fibonacci expansion 161.8%). According to the 4H timeframe, the price is working in a range between 1.5495-1.5435.

Daily pivot Fibonacci points:

Resistance levels:

R1: 1.5488

R2: 1.5501

R3: 1.5521

Support levels:

S1: 1.5448

S2: 1.5435

S3: 1.5415

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

Ringkasan
Urgensi
Analitik
Petar Jacimovic
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