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Since EUR/NZD did not break our FE 161.8% (1.5851) price rejected from lower diagonal of our channel and made new high at price 1.6160 on ultra high volume. We got buying climax bar (ultra high volume bar) on the high new ground which may be potential short term top on this pair.Price also broke previous high (1.6050) but volume didnt confirm breakout so this breakout may be potential false breakout.Buying short term EUR/NZD stil looking very risky because we got buying climax,potential false breakout and testing of upper diagonal of our channel.If we react well from buying climax we may see testing of previous supply area at price 1.6050.
Daily pivot Fibonacci points:
R1 : 1.5987
R2 : 1.6013
R3 : 1.6056
S1 : 1.5902
S2 : 1.5876
S3 : 1.5834
Trading recommendation: Be careful with short-term buying and look for selling opportunities. I recommend 1.6050 for first down target.
The material has been provided by InstaForex Company – www.instaforex.com