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FX.co ★ EUR/NZD: analysis for November 01, 2013

EUR/NZD: analysis for November 01, 2013

EUR/NZD: analysis for November 01, 2013

EUR/NZD: analysis for November 01, 2013

Overview:

Since our last analysis, the EUR/NZD pair has been trading downwards, as we expected; the price tested the level of 1.6316, and we almost finished bearish corrective phase; we are still waiting for the testing of 1.6800. I placed Fibonacci and I got FR 61.8% at the price of 1.6800. I also calculated volume in the legs and I got increasing in volume of 2% on the previous upper leg. In the (4h) chart, we can observe lack of supply after huge selling climax, which is a sign that corrective phase may end, so we can see further bullish movements. Since we are in the uptrend, according to the daily chart, my advise is to watch for buying opportunities after the correction.

Daily pivot Fibonacci points:

R1: 1.6609

R2: 1.6671

R3: 1.6770

Support levels:

S1: 1.6410

S2: 1.6348

S3: 1.6248

Trading recommendation: Be careful with selling since EUR/NZD has started bullish continuation, and we may see the testing of the level of 1.6800.

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade
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