Recently, EUR/NZD has been moving sideways at the price of 1.5050. According to the 30M time frame and using the market profile, I found yesterday’s point of control at the price of 1.5070. I found a 3-day balance, which is a sign that the market is searching for new clues before clear direction. My advice is to wait for a potential breakout and trade on the breakout direction. In case the price breaks higher, an upward target is set at the level of 1.5210. In case that the price breaks lower, a downward target is set at the level of 1.4870.
Fibonacci Pivot Points:
Resistance levels
R1: 1.5090
R2: 1.5110
R3: 1.5140
Support levels:
S1: 1.5015
S2: 1.4990
S3: 1.4955
Trading recommendations for today: Watch for breakout of a trading range to recognize further direction.
The material has been provided by InstaForex Company – www.instaforex.com Source: Instaforex.com
Recently, EUR/NZD has been moving sideways at the price of 1.5050. According to the 30M time frame and using the market profile, I found yesterday’s point of control at the price of 1.5070. I found a 3-day balance, which is a sign that the market is searching for new clues before clear direction. My advice is to wait for a potential breakout and trade on the breakout direction. In case the price breaks higher, an upward target is set at the level of 1.5210. In case that the price breaks lower, a downward target is set at the level of 1.4870.
Fibonacci Pivot Points:
Resistance levels
R1: 1.5090
R2: 1.5110
R3: 1.5140
Support levels:
S1: 1.5015
S2: 1.4990
S3: 1.4955
Trading recommendations for today: Watch for breakout of a trading range to recognize further direction.
The material has been provided by InstaForex Company – www.instaforex.com
Source: Instaforex.com
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