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EUR/NZD analysis for April 07, 2016

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Recently, EUR/NZD has been moving upwards. The price tested the level of 1.6768 in a high volume. EUR/NZD has broken the strong upward channel. So, buying opportunities are not preferable anymore. I found re-testing of a broken channel, which is a sign that we may expect downward price. I placed the Fibonacci expansion to find potential downward targets. I got the Fibonacci expansion 61.8% at the price of 1.6705, Fibonacci expansion 100% at the price of 1.6680 and Fibonacci expansion 161.8% at the price of 1.6635.

Fibonacci Pivot Points:

Resistance levels:

R1: 1.6745

R2: 1.6765

R3: 1.6800

Support levels:

S1: 1.6670

S2: 1.6645

S3: 1.6610

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

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

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EUR/NZD analysis for April 07, 2016 Reviewed by on . Recently, EUR/NZD has been moving upwards. The price tested the level of 1.6768 in a high volume. EUR/NZD has broken the strong upward channel. So, buying oppor Recently, EUR/NZD has been moving upwards. The price tested the level of 1.6768 in a high volume. EUR/NZD has broken the strong upward channel. So, buying oppor Rating:
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