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Investments in financial products are subject to market risk. Some financial products, such as currency exchange, are highly speculative and any investment should only be done with risk capital. Prices rise and fall and past performance is no assurance of future performance. This website is an information site only.

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EUR/NZD analysis for December 22, 2016

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Recently, EUR/NZD has been moving upwards. As I expected, the price tested the level of 1.5170 in a high volume. Using the market profile, I found today's point of control at 1.5100 on the 30M time frame. The price is trading above the 21SMA and there is a successful test of supply, which is a sign of strength. My advice is to watch for buying opportunities on dips. I placed Fibonacci expansion to find potential upward targets. I got Fibonacci expansion 100% at the price of 1.5200 and Fibonacci expansion 161.8% at the price of 1.5290.

Fibonacci Pivot Points:

Resistance levels

R1: 1.5050

R2: 1.5070

R3: 1.5100

Support levels:

S1: 1.4999

S2: 1.4975

S3: 1.4945

Trading recommendations for today: watch for buying opportunities.

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