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Old 18-12-2015, 15:47
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Default Re: Daily technical analysis of EUR/NZD By INSTAFOREX

Recently, EUR/NZD has been moving upwards .The price tested the level of 1.6215 in an average volume. In the daily time frame, I found weak demand and a neutral bar. In the H4 time frame, I found strong head and shoulders formation confirmed (broken neckline). Be careful when buying EUR/NZD at this stage since lower prices are expected. I had placed Fibonacci expansion to find potential support levels. I got Fibonacci expansion 61.8% at the level of 1.6070, Fibonacci expansion 100% at the level of 1.5840 and Fibonacci expansion 161.8% at the level of 1.5470.

Trading recommendations :
Buying EUR/NZD looks very risky at this stage since the price confirmed head and shoulders formation. Watch for potential selling opportunities.

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