Recently, EUR/NZD has been moving sideways at the price of 1.5240. My downward target near the price of 1.5285 has been met. Using the market profile analysis, I found today's point of control at the price of 1.5242. Anyway, I still expect lower price on EUR/NZD since the supply is in a high volume and the trend is bearish. Watch for selling opportunities on the pullbacks. Take profit level is set at 1.5190. If the price breaks the level of 1.5190, next downward target will be met at 1.5050.
Fibonacci Pivot Points:
Resistance levels
R1: 1.5375
R2: 1.5420
R3: 1.5495
Support levels:
S1: 1.5230
S2: 1.5190
S3: 1.5115
Trading recommendations for today: Watch for selling opportunities on the pullbacks.
The material has been provided by InstaForex Company - www.instaforex.com