EUR/NZD analysis for August 29, 2016

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Recently, EUR/NZD has been moving upwards.The price tested the level of 1.5515 in a high volume. According to the daily time frame, I found strong pinbar and bullish divergence on the RSI, which is a sign that selling looks risky. According to the 4H time frame, I found bullish outside bar formation in a high volume, which is another clear sign of strength. Watch for buying opportunities. Key resistance and my take profit level is set at the price of 1.5620.

Fibonacci Pivot Points:

Resistance levels

R1: 1.5495

R2: 1.5535

R3: 1.5610

Support levels:

S1: 1.5355

S2: 1.5310

S3: 1.5245

Trading recommendations for today: Watch for buying opportunities.

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

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