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Recently, EUR/NZD has been moving downwards. The price tested the level of 1.5484 in a average volume. My first take profit set yesterday at 1.5520 has been met. Using the market profile analysis, I found the point of control from yeseterday at the price of 1.5600. Anyway, I still expect lower price on EUR/NZD since the price broke trading range, which is a sign of weakness. Watch for selling opportunities on the pullbacks. Take profit level is set at the price of 1.5350.

Fibonacci Pivot Points:

Resistance levels

R1: 1.5635

R2: 1.6660

R3: 1.5700

Support levels:

S1: 1.5560

S2: 1.5535

S3: 1.5500

Trading recommendations for today: Watch for selling opportunities on the pullbacks.

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

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