Recently, EUR/NZD has been moving sideways around the price of 1.4755. Using the market profile, I found yesterday's point of control at 1.4745 on the 30M time frame. The price is trading below the 21SMA, and I found a supply cluster from the top, which is a sign of weakness. Also, there is volume absorption in the background, which is another sign of weakness. My advice is to watch for selling opportunities. Downward targets are set at the price of 1.4715 and 1.4690.
Fibonacci Pivot Points:
Resistance levels
R1: 1.4810
R2: 1.4840
R3: 1.4880
Support levels:
S1: 1.4725
S2: 1.4700
S3: 1.4660
Trading recommendations for today: watch for selling opportunities.
The material has been provided by InstaForex Company - www.instaforex.com