FX.co ★ EUR/NZD analysis for October 19, 2016

Recently, EUR/NZD has been moving sideways at the price of 1.5240. My downward target near the price of 1.5285 has been met. Using the market profile analysis, I found today's point of control at the price of 1.5242. Anyway, I still expect lower price on EUR/NZD since the supply is in a high volume and the trend is bearish. Watch for selling opportunities on the pullbacks. Take profit level is set at 1.5190. If the price breaks the level of 1.5190, next downward target will be met at 1.5050.

Fibonacci Pivot Points:

Resistance levels

R1: 1.5375

R2: 1.5420

R3: 1.5495

Support levels:

S1: 1.5230

S2: 1.5190

S3: 1.5115

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