FX.co ★ EUR/NZD analysis for November 04, 2016

Recently, EUR/NZD has been moving upwards. As I expected, the price tested the level of 1.5188 in a high volume. My analaysis from yesterday is still valid. On 30M time frame and using the market profile, I found potential bottoming. The price found the low at 1.5116 and demand came in on the market. I found a strong point of control at the price of 1.5215. Watch for potential buying opportunities with a target around the price of 1.5215. The short-term trend is downward but we may see potential bullish correction. The breakout of the 1.5115 may confirm a further downward continuation. Today's point of control is set at the price of 1.5160.

Fibonacci Pivot Points:

Resistance levels

R1: 1.5225

R2: 1.5260

R3: 1.5315

Support levels:

S1: 1.5115

S2: 1.5080

S3: 1.5025

Trading recommendations for today: Watch for potential buying opportunities.