Recently, EUR/NZD has been moving upwards. As I expected, the price tested the level of 1.5063 in a high volume. Anyway, using the market profile chart on 30M time frame, I found that buyers lost power near the price of 1.5063 and that buying at this stage looks risky. I found a breakout of the upward trendline and price is trading below 21SMA, which is a sign of weakness. Be careful when buying EUR/NZD and watch for potential selling opportunities. A dDownward target is set at the price of 1.4935.
Fibonacci Pivot Points:
Resistance levels
R1: 1.5065
R2: 1.5095
R3: 1.5145
Support levels:
S1: 1.4965
S2: 1.4935
S3: 1.4880
Trading recommendations for today: watch for selling opportunities.
The material has been provided by InstaForex Company – www.instaforex.com
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