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Investments in financial products are subject to market risk. Some financial products, such as currency exchange, are highly speculative and any investment should only be done with risk capital. Prices rise and fall and past performance is no assurance of future performance. This website is an information site only.

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EUR/NZD analysis for October 14, 2016

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Recently, EUR/NZD has been moving downwards. The price tested the level of 1.5484 in a average volume. My first take profit set yesterday at 1.5520 has been met. Using the market profile analysis, I found the point of control from yeseterday at the price of 1.5600. Anyway, I still expect lower price on EUR/NZD since the price broke trading range, which is a sign of weakness. Watch for selling opportunities on the pullbacks. Take profit level is set at the price of 1.5350.

Fibonacci Pivot Points:

Resistance levels

R1: 1.5635

R2: 1.6660

R3: 1.5700

Support levels:

S1: 1.5560

S2: 1.5535

S3: 1.5500

Trading recommendations for today: Watch for selling opportunities on the pullbacks.

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