Recently, EUR/NZD has been moving downwards. As I expected, the price tested the level of 1.4929 in a high volume. Using the market profile on the M30 time frame, I found that price went from balance to imbalance. Besides, the price broke the swing low from yesetrday, which is a sign of weakness. Watch for selling opportunities on the pullbacks. I placed Fibonacci expansion to find potential downward target and got the expansion 100% at the price of 1.4875 and Fibonacci expansion 161.8% at the price of 1.4790.
Fibonacci Pivot Points:
Resistance levels
R1: 1.5070
R2: 1.5100
R3: 1.5150
Support levels:
S1: 1.4965
S2: 1.4935
S3: 1.4882
Trading recommendations for today: watch for a potential downward movement.
The material has been provided by InstaForex Company - www.instaforex.com