Recently, EUR/NZD has been moving sideways at the price of 1.5020. Using the market profile in the 30M time frame, I found yesterday’s point of control at the price of 1.5125. Besides, I found a trading range between the price of 1.4997 (support) and the price of 1.5056. Watch for a breakout to confirm a further direction. If the price breaks upward, the target will be set at the price of 1.5125. If the price breaks lower, the target will be set at the price of 1.4960. I give more chances for higher price since price is out of balance according to yesterday’s profile.
Fibonacci Pivot Points:
Resistance levels
R1: 1.5125
R2: 1.5150
R3: 1.5210
Support levels:
S1: 1.5015
S2: 1.4985
S3: 1.4930
Trading recommendations for today: Watch for a potential breakout to confirm a further direction.
The material has been provided by InstaForex Company – www.instaforex.com
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