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EUR/NZD analysis for December 06, 2016

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Recently, EUR/NZD has been moving sideways at the price of 1.5060. I found a trading range between the price of 1.5008 (support) and the price of 1.5155 (resistance). Using the market profile on the 30M time frame, I found today's point of control at the price of 1.5060. Watch for a breakout of the trading range to confirm further direction. The downward target is set at the price of 1.4945 and the upward target is set at the price of 1.5225.

Fibonacci Pivot Points:

Resistance levels

R1: 1.5130

R2: 1.5220

R3: 1.5360

Support levels:

S1: 1.4850

S2: 1.4760

S3: 1.4620

Trading recommendations for today: Watch for a breakout of the trading range to confirm further direction.

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