Recently, EUR/NZD has been moving sideways around the price of 1.5135. Using the market profile on the 15M time frame, I found a strong point of control from the background at the price of 1.5185. I found successful rejection of the point of control. The pair is trading below 21SMA, which is a sign of weakness. Watch for potential selling opportuntiies on the pullbaks. A downward target is set at the price of 1.5045.
Fibonacci Pivot Points:
Resistance levels
R1: 1.5205
R2: 1.5250
R3: 1.5310
Support levels:
S1: 1.5065
S2: 1.5025
S3: 1.4960
Trading recommendations for today: Watch for potential selling opportunities.
The material has been provided by InstaForex Company - www.instaforex.com