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Recently, EUR/NZD has been moving upwards. The price tested the level of 1.5017 in a high volume. Using the market profile, I found today’s point of control at 1.5000 on the 30M time frame. The price is trading above the 21SMA, which is a sign of strength. Besides, there is volume absorption in the background, which is another sign of strength. My advice is to watch for buying opportunities on dips. There is a resistance level at the price of 1.5017. Watch for a potential breakout of resistance to confirm further upward continuation. I placed Fibonacci expansion to find potential upward targets. I got Fibonacci expansion 61.8% at the price of 1.5115 and Fibonacci expansion 100% at the price of 1.5210.

Fibonacci Pivot Points:

Resistance levels

R1: 1.5025

R2: 1.5080

R3: 1.5180

Support levels:

S1: 1.4820

S2: 1.4760

S3: 1.4665

Trading recommendations for today: watch for buying opportunities.

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

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