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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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Analysis of EUR/NZD for May 13, 2016

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Recently, EUR/NZD has been moving sideways at the 1.6680 level. Previous analysis is still valid. According to the 30M time frame chart, there is a trading range between the 1.6666 (support) and 1.6800 (resistance) levels. Watch for a breakout of the trading range to define further direction. The upside target is set at 1.6920. In case the price breaks support, the downside target should be places at 1.6540.

Fibonacci Pivot Points:

Resistance levels:

R1: 1.6745

R2: 1.6775

R3: 1.6820

Support levels:

S1: 1.6650

S2: 1.6625

S3: 1.6580

Trading recommendation for today: watch for breakout of trading range to confirm further direction.

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