Recently, EUR/NZD has been moving sideways around the price of 1.4785. According to the 30M time frame and using the market profile, I found today’s point of control at the price of 1.4783. 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 a trading range to confirm further direction. If the price breaks upward, a target is set at the price of 1.4935 (point of control in the background). Anyway, if the price breaks support, EUR/NZD will visit the level of 1.4650. The short-term trend is bearish.

Fibonacci Pivot Points:

Resistance levels

R1: 1.4815

R2: 1.4840

R3: 1.4875

Support levels:

S1: 1.4735

S2: 1.4710

S3: 1.4675

Trading recommendations for today: Watch for a potential breakout of a trading range to confrim futher direction.

The material has been provided by InstaForex Company –

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