Recently, EUR/NZD has been moving sideways at the price of 1.5130. Using the market profile, I found today's point of control at 1.5115 on the 30M time frame. The price is trading above the 21SMA and there is a successful test of supply, which is a sign of strength. My advice is to watch for buying opportunities on dips. I placed Fibonacci expansion to find potential upward targets. I got Fibonacci expansion 61.8% at the price of 1.5225. Anyway, the first upward target is set at the price of 1.5170 (most recent swing high)
Fibonacci Pivot Points:
Resistance levels
R1: 1.5160
R2: 1.5185
R3: 1.5225
Support levels:
S1: 1.5080
S2: 1.5050
S3: 1.5010
Trading recommendations for today: watch for buying opportunities.
The material has been provided by InstaForex Company - www.instaforex.com