Recently, EUR/NZD has been moving upwards. As I expected, the price tested the level of 1.5006 in a high volume. Using the market profile chart on 30M time frame, I found that buyers are in control today on the market. The price is trading above yesterday’s high, which is good sign for further upwrad movement. Watch for potential buying opportunities on the dips. I placed Fibonacci expansion to find potential upward targets. I got Fibonacci expansion 61.8% at the price of 1.5020 and Fibonacci expansion 100% at the price of 1.5075.
Fibonacci Pivot Points:
Resistance levels
R1: 1.4975
R2: 1.5005
R3: 1.5060
Support levels:
S1: 1.4870
S2: 1.4835
S3: 1.4780
Trading recommendations for today: watch for a potential upward movement.
The material has been provided by InstaForex Company – www.instaforex.com
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