FX.co ★ EUR/NZD analysis for November 02, 2016

Recently, EUR/NZD has been moving downwards. The price tested the level of 1.5250 in a high volume. On 15M time frame and using the market profile, I found intraday weakness and potential distibution, which is a sign that EUR/NZD may go lower. I found active sellers and the price is trading below yesterday's low at 1.5278. My advice is to watch for selling opportunties. I placed Fibonacci expansion to find potential downward targets. I got Fibonacci expansion 100% at the price of 1.5210 and Fibonacci expansion 161.8% at the price of 1.5125.

Fibonacci Pivot Points:

Resistance levels

R1: 1.5435

R2: 1.5475

R3: 1.5545

Support levels:

S1: 1.5300

S2: 1.5260

S3: 1.5195

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