EUR/NZD analysis for December 28, 2016

Source: Forex Analysis

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Recently, EUR/NZD has been moving downwards. The price tested the level of 1.5062 in a high volume. Using the market profile, I found today’s point of control at 1.5125 on the 30M time frame. The intraday trend is bearish. Watch for potential selling opportunities on pullbacks. I placed Fibonacci expansion to find a potential downward target and I got Fibonacci expansion 100% at the price of 1.5060 (on the test) and Fibonacci expansion 161.8% at the price of 1.5015.

Fibonacci Pivot Points:

Resistance levels

R1: 1.5185

R2: 1.5200

R3: 1.5220

Support levels:

S1: 1.5140

S2: 1.5130

S3: 1.5110

Trading recommendations for today: watch for selling opportunities.

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