Recently, EUR/NZD has been moving upwards. As I expected, the price re-tested the level of 1.5501 in a high volume. According to the 30M time frame and using the market profile, I found a point of control from yesterday at the price of 1.5425. The price respected the point of control in Asian trade and I found strong rejection (buying tail), which is a sign that buyers are ready for higher price. If the price breaks the level of 1.5505, the next upward target will be at the price of 1.5645. The trend is still upward. I found upward trend channel, which confirmed that buyers are in control.
Fibonacci Pivot Points:
Resistance levels
R1: 1.5480
R2: 1.5505
R3: 1.5545
Support levels:
S1: 1.5405
S2: 1.5380
S3: 1.5340
Trading recommendations for today: Selling EUR/NZD at this stage looks risky. Watch for buying opportunities.
The material has been provided by InstaForex Company – www.instaforex.com Source: Instaforex.com
Recently, EUR/NZD has been moving upwards. As I expected, the price re-tested the level of 1.5501 in a high volume. According to the 30M time frame and using the market profile, I found a point of control from yesterday at the price of 1.5425. The price respected the point of control in Asian trade and I found strong rejection (buying tail), which is a sign that buyers are ready for higher price. If the price breaks the level of 1.5505, the next upward target will be at the price of 1.5645. The trend is still upward. I found upward trend channel, which confirmed that buyers are in control.
Fibonacci Pivot Points:
Resistance levels
R1: 1.5480
R2: 1.5505
R3: 1.5545
Support levels:
S1: 1.5405
S2: 1.5380
S3: 1.5340
Trading recommendations for today: Selling EUR/NZD at this stage looks risky. Watch for buying opportunities.
The material has been provided by InstaForex Company – www.instaforex.com
Source: Instaforex.com
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