Recently, EUR/NZD has been moving sideways at the price of 1.5022. Using the market profile, I found today's point of control at 1.5015 on the 30M time frame. The price is trading above the 21SMA and there is successful test of supply, which is a sign of strength. My advice is to watch for buying opportunities on dips. I placed Fibonacci expansion to find potential upward targets. I got Fibonacci expansion 100% at the price of 1.5070 and Fibonacci expansion 161.8% at the price of 1.5105.
Fibonacci Pivot Points:
Resistance levels
R1: 1.5050
R2: 1.5070
R3: 1.5100
Support levels:
S1: 1.4999
S2: 1.4975
S3: 1.4945
Trading recommendations for today: watch for buying opportunities.
The material has been provided by InstaForex Company - www.instaforex.com