Recently, EUR/NZD has been moving downwards. The price tested the level of 1.5018 in an average volume. Using the market profile in the 30M time frame, I found that price went to imbalance out of strong point of control zone in the background. Watch for selling opportunities on the pullbacks. I placed Fibonacci expansion to find potential downward targets. I found Fibonacci expansion 100% at the price of 1.4985 and Fibonacci expansion 161.8% at the price of 1.4850.
Fibonacci Pivot Points:
Resistance levels
R1: 1.5125
R2: 1.5150
R3: 1.5180
Support levels:
S1: 1.5055
S2: 1.5035
S3: 1.5000
Trading recommendations for today: Watch for potential selling opportunities.
The material has been provided by InstaForex Company - www.instaforex.com