Recently, EUR/NZD has been moving sideways at the price of 1.5135. Using the market profile on the 30M time frame, I found strong point of control from the background at the price of 1.5105. The pair is trading below 21SMA, which is a sign of weakness. Watch for potential breakout of 1.5105 to confirm lower price. A downward target is set at the price of 1.4945.
Fibonacci Pivot Points:
Resistance levels
R1: 1.5260
R2: 1.5300
R3: 1.5370
Support levels:
S1: 1.5120
S2: 1.5075
S3: 1.5000
Trading recommendations for today: Watch for potential selling opportunities.
The material has been provided by InstaForex Company - www.instaforex.com