Recently, EUR/NZD has been moving sideways at the price of 1.5070. Using the market profile in the 15M time frame, I found today’s point of control at the price of 1.5085. The price is trading below 21SMA, which is a sign of weakness. I also found a support cluster at the price of 1.5050 and would like to see a breakout to confirm the downward direction. Watch for selling opportunities. The downward target is set at the price of 1.5015 (Fibonacci expansion 161.8%).
Fibonacci Pivot Points:
Resistance levels
R1: 1.5150
R2: 1.5175
R3: 1.5215
Support levels:
S1: 1.5070
S2: 1.5050
S3: 1.5000
Trading recommendations for today: Watch for potential selling opportunities.
The material has been provided by InstaForex Company – www.instaforex.com
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