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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 January 23, 2017

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Recently, EUR/NZD has been upwards. As I expected, the price tested the level of 1.4947. Using the Ichimoku, I found potential upward continuation in EUR/NZD on the 15M time frame. The price is trading above Kijun and Tenkan sen, which is a sign that there is strength at the moment. I have placed Fibonacci expansion to find potential upward targets. I found Fibonacci expansion 61.8% at the price of 1.4985 and Fibonacci expansion 100% at the price of 1.5050. Watch for buying opportunities.

Fibonacci Pivot Points:

Resistance levels

R1: 1.4940

R2: 1.4980

R3: 1.5045

Support levels:

S1: 1.4815

S2: 1.4775

S3: 1.4710

Trading recommendations for today: watch for potential buying opportunities.

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