EUR/NZD analysis for October 16, 2014 Overview: In our last - TopicsExpress



          

EUR/NZD analysis for October 16, 2014 Overview: In our last analysis, EUR/NZD has been trading downwards. As we expected, the price tested the level of 1.6015 in a high volume. I have placed Fibonacci expansion from most recent swings to find support levels. I got Fibonacci expanson 61.8% at the price of 1.6070 (held successfully). If the price breaks the level of 1.6000, we may see the testing of the level of 1.5900. Be careful when buying and watch for potential selling opportunities after retracement. According to the daily timeframe, we can observe supply in a high volume. Daily Fibonacci pivot levels: Resistance levels: R1: 1.6157 R2: 1.6196 R3: 1.6261 Support levels: S1: 1.6027 S2: 1.5988 S3: 1.5923 Trading recommendations: Be careful when buying the EUR/NZD pair since we may see short-term bearish continuation. The material has been provided by InstaForex Company - instaforex
Posted on: Thu, 16 Oct 2014 14:25:06 +0000

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