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EUR/NZD analysis for September 21, 2015

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Overview:

Recently, EUR/NZD has been moving downwards. As we expected, the price tested the level of 1.7676. In the daily time frame, we can observe a strong sign of weakness (two-bar reversal). The intraday trend is neutral. Our strong trading range between the levels of 1.8000 (resistance) and 1.7270 (support) is still active. In the H1 time frame, we can observe strong sign of weakness from the top (up-thrust). Buying looks very risky. Watch only for selling opportunities after retracement. Anyway, current momentum is upward so if you want to sell wait for demand to become weak or otherwise the price can go higher.

Fibonacci Pivot Points :

Resistance levels:

R1: 1.7905

R2: 1.8000

R3: 1.8160

Support levels:

S1: 1.7585

S2: 1.7485

S3: 1.7325

Trading recommendations: There is weakness on the market from the top. Watch only for selling opportunities after retracement. Strong resistance at the price of 1.8000 was held sucessfully.

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