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EUR/NZD analysis for November 06, 2014

EURNZDDaily06.png


EURNZDH406.png


Overview:


In our last analysis, EUR/NZD has been trading downwards. As we expected, the price tested and rejected from the level of 1.6268 in a high volume. Our Fibonacci expansion 100% at the price of 1.6250 held successfully, which is a sign that buying looks risky. According to the 1H time frame, we can observe absorption volume in the background, which is a sign that buying EUR/NZD looks risky. I have placed Fibonacci retracment to find potential support levels and I got Fibonacci retracement 61.8% at the price of 1.6075 (currently on the test). If the price breaks the level of 1.6075 in a high volume and strong price action takes place, we may see possible testing the level of 1.6005 (swing low like support).


Daily Fibonacci pivot levels:


Resistance levels:


R1: 1.6204


R2: 1.6254


R3: 1.6335


Support levels:


S1: 1.6041


S2: 1.5991


S3: 1.5909


Trading recommendations: Be careful when buyingEUR/NZD pair since we got successful rejection from our Fibonacci expansion 100%


The material has been provided by InstaForex Company - www.instaforex.com