EUR/NZD analysis for January 04, 2017 - Forex247

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Wednesday, January 4, 2017

EUR/NZD analysis for January 04, 2017

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Recently, EUR/NZD has been moving sideways at the price of 1.5000. My first take profit from yesterday's analysis has been met at 1.5060. According to the 30M time frame and using the market profile, I found yesterday's point of control at the price of 1.4995. My advice is to watch for selling opportunities on the pullbacks. I created a downward channel and the price respecting supply trendline successfully, which is a clear sign of weakness. A downward target is set at the price of 1.4960 (Fibonacci expansion 161.8%).

Fibonacci Pivot Points:

Resistance levels

R1: 1.5090

R2: 1.5120

R3: 1.5160

Support levels:

S1: 1.5005

S2: 1.4980

S3: 1.4940

Trading recommendations for today: Watch for selling opportunities.

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

From www.instaforex.com http://ift.tt/2iCKfxQ

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