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FX.co ★ EUR/NZD : analysis for December 02, 2014

EUR/NZD : analysis for December 02, 2014

EUR/NZD : analysis for December 02, 2014

EUR/NZD : analysis for December 02, 2014

Overview:

In our last analysis, EUR/NZD has been trading sideways around the price of 1.5860. I have placed Fibonacci expansion from most recent swings to find potential support levels. I got Fibonacci expansion 100% at the price of 1.5780 and Fibonacci expansion 161.8% at the price of 1.5715. I have also placed Fibonacci retracement to find potential resitance levels and I got Fibonacci retracement 38.2% at the price of 1.5865 and Fibonacci retracement 61.8% at the price of 1.5910. According to the daily time frame, we got up-thrust bar (supply overcoming demand). Be careful when buying and watch for potential selling opportunities.

Daily Fibonacci pivot levels:

Resistance levels:

R1: 1.5953

R2: 1.6000

R3: 1.6076

Support levels:

S1: 1.5801

S2: 1.5754

S3: 1.5678

Trading recommendations: Be careful when buying EUR/NZD since we got absorption volume in the background. Watch for potential selling opportunities.





 

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