Recently, EUR/NZD has been moving downwards. The price tested the level of 1.5019 in a high volume. Using the market profile on the M30 time frame, I found that the price rejected from strong point of control at 1.5115 in the background. The price is trading below 21SMA, which is a sign of weakness. I placed Fibonacci expansion to find potential downward targets. The first downward target is set at the price of 1.5000; and the second, at 1.4980. The second possible scenario for EUR/NZD sideways trading near the level of 1.5040.
Fibonacci Pivot Points:
Resistance levels
R1: 1.5100
R2: 1.5125
R3: 1.5160
Support levels:
S1: 1.5030
S2: 1.5015
S3: 1.4975
Trading recommendations for today: Watch for a potential downside or try to trade in the range.
The material has been provided by InstaForex Company - www.instaforex.comFrom www.instaforex.com http://ift.tt/2fvBD9c
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