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05.06.2014 02:34 PM
EUR/NZD analysis for June 05, 2014

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Overview:

Since our previous analysis, the EUR/NZD pair has been trading downwards, as we expected, the price tested the level of 1.6088 on high volume. As you can see in the graph, the price rebounded from our Fibonacci expansion 100% at the level of 1.6170, as we expected. According to the 1H timeframe, we can observe that strong supply on ultra high volume has entered the market around the price of 1.6196. Buying at this stage looks very risky since the price is near the resisntace level and we got buying climax in the background according to the daily chart. According to the previous price action, I got support levels around the price of 1.6030 and 1.6010.

Daily pivot Fibonacci points:

Resistance levels:

R1: 1.6187

R2: 1.6207

R3: 1.6239

Support levels:

S2: 1.6104

S3: 1.6073

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

Summary
Urgency
Analytic
Petar Jacimovic
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