EUR/NZD analysis for October 05, 2016

Source: Forex Analysis

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Recently, EUR/NZD has been moving upwards. As I expected, the price tested the level of 1.5644 in a high volume. The 1H time frame shows the price has broken the trading range (re-accumulation) and may go higher. Be careful when selling EUR/NZD at this stage and watch for buying opportunities on the dips. Target level is set at the price of 1.5825 and 1.5920

Fibonacci Pivot Points:

Resistance levels

R1: 1.5640

R2: 1.5650

R3: 1.5665

Support levels:

S1: 1.5615

S2: 1.5610

S3: 1.5595

Trading recommendations for today: watch for buying opportunities on the dips.

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