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EUR/NZD analysis for April 13, 2016

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Recently, EUR/NZD has been moving downwards. As I expected, the price tested the level of 1.6319 in a high volume. EUR/NZD broke the upward channel . So, only watch for selling opportunities on the rallies. According to the H4 time frame, watch only for selling opportunities on the raillies. The second take profit level at the price of 1.6480 was reached. The third take profit level is set at the price of 1.6265 (swing low). According to the daily time frame, I found that sellers are in control of the market. We can observe supply in a high volume.

Fibonacci Pivot Points:

Resistance levels:

R1: 1.6595

R2: 1.6645

R3: 1.6725

Support levels:

S1: 1.6430

S2: 1.6380

S3: 1.6300

Trading recommendation for today: Watch for selling opportunities on rallies.

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