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Recently, EUR/NZD has been moving upwards. As I expected, the price re-tested the level of 1.5501 in a high volume. According to the 30M time frame and using the market profile, I found a point of control from yesterday at the price of 1.5425. The price respected the point of control in Asian trade and I found strong rejection (buying tail), which is a sign that buyers are ready for higher price. If the price breaks the level of 1.5505, the next upward target will be at the price of 1.5645. The trend is still upward. I found upward trend channel, which confirmed that buyers are in control.

Fibonacci Pivot Points:

Resistance levels

R1: 1.5480

R2: 1.5505

R3: 1.5545

Support levels:

S1: 1.5405

S2: 1.5380

S3: 1.5340

Trading recommendations for today: Selling EUR/NZD at this stage looks risky. Watch for buying opportunities.

The material has been provided by InstaForex Company – www.instaforex.com

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