FX.co ★ EUR/NZD analysis for November 07, 2016

Recently, EUR/NZD has been moving downwards. The price tested the level of 1.5098 in a high volume. Using the market profile, I found weakness and rejection from strong point of control at the price of 1.5175 on the 30M time frame. The price also broke the yesterday's low at 1.5123, which is sign that sellers are in control. Watch for selling opportunities on pullbacks. First downward station is set at the price of 1.5050 (gap low).

Fibonacci Pivot Points:

Resistance levels

R1: 1.5215

R2: 1.5240

R3: 1.5280

Support levels:

S1: 1.5135

S2: 1.5110

S3: 1.5070

Trading recommendations for today: Watch for potential selling opportunities.