EUR/NZD analysis for August 25, 2016

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Recently, EUR/NZD has been moving sideways at the price of 1.5440. My second downward target at the price of 1.5400 has been reached. According to the 4H time frame, I found weak demand and testing of previous swing low level at 1.5440, which now became good resistance. My advice is to watch for selling opportunities near the resistance level. Next downward station is set at the price of 1.5240.

Fibonacci Pivot Points:

Resistance levels

R1: 1.5505

R2: 1.5545

R3: 1.5610

Support levels:

S1: 1.5370

S2: 1.5330

S3: 1.265

Trading recommendations for today: Watch for selling opportunities.

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

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