Recently, EUR/NZD has been moving downwards. The price tested the level of 1.5484 in a average volume. My first take profit set yesterday at 1.5520 has been met. Using the market profile analysis, I found the point of control from yeseterday at the price of 1.5600. Anyway, I still expect lower price on EUR/NZD since the price broke trading range, which is a sign of weakness. Watch for selling opportunities on the pullbacks. Take profit level is set at the price of 1.5350.
Fibonacci Pivot Points:
Resistance levels
R1: 1.5635
R2: 1.6660
R3: 1.5700
Support levels:
S1: 1.5560
S2: 1.5535
S3: 1.5500
Trading recommendations for today: Watch for selling opportunities on the pullbacks.
The material has been provided by InstaForex Company – www.instaforex.com
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