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EUR/NZD analysis for January 26, 2017

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Recently, EUR/NZD has been trading downwards. As I expected, the price tested the level of 1.4693. According to the 15M time frame, I found hidden bearish divergence in progress, which is a sign that buying looks risky. My advice is to watch for potential selling opportunities. Anyway, to confirm successful bearish divergence I would like to see a successful breakout of 1.4742. If the price breaks the level of 1.4742, EUR/NZD may re-test the level of 1.4695. The short-term trend is still downward.

Fibonacci Pivot Points:

Resistance levels

R1: 1.4810

R2: 1.4845

R3: 1.4900

Support levels:

S1: 1.4700

S2: 1.4670

S3: 1.4615

Trading recommendations for today: watch for potential selling opportunities.

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