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Investments in financial products are subject to market risk. Some financial products, such as currency exchange, are highly speculative and any investment should only be done with risk capital. Prices rise and fall and past performance is no assurance of future performance. This website is an information site only.

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EUR/NZD analysis for January 03, 2017

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Recently, EUR/NZD has been moving downwards. As I expected, the price tested the level of 1.4994 in an high volume. My first take profit from yesterday's analysis has been met at 1.5060. According to the 30M time frame, the price is trading below yesterday's low at 1.5050. My advice is to watch for selling opportunities on the pullbacks. I placed Fibonacci expansion to find potential downward targets. Downward target is set at the price of 1.4960 (Fibonacci expansion 161.8%).

Fibonacci Pivot Points:

Resistance levels

R1: 1.5245

R2: 1.5295

R3: 1.5380

Support levels:

S1: 1.5075

S2: 1.5020

S3: 1.4940

Trading recommendations for today: Watch for selling opportunities.

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