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FX.co ★ EUR/NZD : analysis for November 25, 2014

EUR/NZD : analysis for November 25, 2014

EUR/NZD : analysis for November 25, 2014

EUR/NZD : analysis for November 25, 2014

Overview:

In our last analysis, EUR/NZD has been trading upwards. As we expected, the price tested the level of 1.5965 in a high volume. According to the 4H time frame, we can oberve absorption volume as like we expected. I have placed Fibonacci retracement to find potential resistance levels and I got Fibonacci retracement 61.8% at the price of 1.6020. If the price breaks the level of 1.6020 we may see potential testing the level of 1.6135 (major Fibonacci retracement 61.8%). Be careful when selling EUR/NZD since we got absorption volume in the background. Watch for potential buying opportunities on the lows.

Daily Fibonacci pivot levels:

Resistance levels:

R1: 1.5842

R2: 1.5885

R3: 1.5955

Support levels:

S1: 1.5702

S2: 1.5659

S3: 1.5589

Trading recommendations: Be careful when selling EUR/NZD since we got strong absorption volume in the background.



 

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