Recently, EUR/NZD has been moving sideways around the price of 1.5324. On 15M time frame and using the market profile, I found intraday weakness and potential distibution, which is a sign that EUR/NZD may go lower. I found active sellers and the price is trading below yesterday’s value and below yesterday’s point of control at the price of 1.5335. My advice is to watch for selling opportunties. I placed Fibonacci expansion to find potential downward targets. I got Fibonacci expansion 61.8% at the price of 1.5285, Fibonacci expansion 100% at the price of 1.5250, and Fibonacci expansion 161.8% at the price of 1.5205.
Fibonacci Pivot Points:
Resistance levels
R1: 1.5365
R2: 1.5385
R3: 1.5415
Support levels:
S1: 1.5310
S2: 1.5295
S3: 1.5265
Trading recommendations for today: Watch for potential selling opportunities on the pullbacks.
The material has been provided by InstaForex Company – www.instaforex.com
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