Recently, EUR/NZD has been moving upwards. As I expected, the price tested the level of 1.5505 in a high volume. My upward target at the price of 1.5490 (Fibonacci expansion 61.8% has been reached). According to the 30M time frame and using the market profile, I found a point of control from yesterday at the price of 1.5350. Since the price respected Fibonacci expansion 61.8%, my advice is to wait for potential downward correction and then watch for buying opportunities. The levels of 1.5350 and 1.5297 looks like good area to establish potential buying positions. The next upward target is set at the price of 1.5645. The trend is still upward.
Fibonacci Pivot Points:
Resistance levels
R1: 1.5510
R2: 1.5565
R3: 1.5660
Support levels:
S1: 1.5315
S2: 1.5250
S3: 1.5150
Trading recommendations for today: Selling EUR/NZD at this stage looks risky. Watch for buying opportunities after downward correction.
The material has been provided by InstaForex Company - www.instaforex.com