Recently, EUR/NZD has been moving sideways around the price of 1.4725. My analysis from yesterday is still valid. According to the 30M time frame and using the market profile, I found today's point of control at the price of 1.4780. I also found a trading range between the price of 1.4815 (resistance) and the price of 1.4715 (support). My advice is to watch for a potential breakout of support to confirm downward continuation. The trend is bearish. If the price breaks the support, EUR/NZD may visit the level of 1.4580 (Fibonacci expansion 61.8%).
Fibonacci Pivot Points:
Resistance levels
R1: 1.4810
R2: 1.4830
R3: 1.4860
Support levels:
S1: 1.4750
S2: 1.4730
S3: 1.4700
Trading recommendations for today: Watch for a potential breakout of a trading range to confirm a futher direction. A short-term trend is downward.
The material has been provided by InstaForex Company - www.instaforex.comFrom www.instaforex.com http://ift.tt/2hAd0gV
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