Recently, EUR/NZD has been moving downwards. The price tested the level of 1.5119 in an high volume. Using the market profile, I found Friday's point of control at the price of 1.5160. The intraday trend is bearish. According to the 30M time frame, I found a massive buying climax in the background (a major sign of weakness) and successful change in behaivor from bullih to bearish. My advice is to watch for selling opportunities on the pullbacks. I placed Fibonacci expansion to find potential downward targets. I got Fibonacci expansion 100% at the price of 1.5060 and Fibonacci expansion 161.8% at the price of 1.4960.
Fibonacci Pivot Points:
Resistance levels
R1: 1.5090
R2: 1.5113
R3: 1.5150
Support levels:
S1: 1.5025
S2: 1.5000
S3: 1.4970
Trading recommendations for today: Watch for selling opportunities.
The material has been provided by InstaForex Company - www.instaforex.comFrom www.instaforex.com http://ift.tt/2i2daKA
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