Recently, EUR/NZD has been moving sideways at the price of 1.5110. Using the market profile, I found yesterday's point of control at 1.5110 on the 30M time frame. The price is trading below the 21SMA and there is a broken upward channel in the background, which is a sign of weakness. My advice is to watch for selling opportunities on pullbacks. Downward targets are set at the price of 1.5015 and 1.4970. Anyway, if the price rejects from 1.5070, EUR/NZD may test the swing high at the price of 1.5230.
Fibonacci Pivot Points:
Resistance levels
R1: 1.5160
R2: 1.5185
R3: 1.5225
Support levels:
S1: 1.5080
S2: 1.5050
S3: 1.5010
Trading recommendations for today: watch for selling opportunities.
The material has been provided by InstaForex Company - www.instaforex.com