FX.co ★ EUR/NZD analysis for November 08, 2016

Recently, EUR/NZD has been moving sideways at the price of 1.5050. Using the market profile, I found weakness and rejection from a strong point of control at the price of 1.5060 on the 30M time frame. The price is also trading below the 21SMA, which is a sign that sellers are in control. Watch for potential selling opportunities. The first downward taget is set at the price of 1.5020

Fibonacci Pivot Points:

Resistance levels

R1: 1.5135

R2: 1.5175

R3: 1.5235

Support levels:

S1: 1.5015

S2: 1.4975

S3: 1.4915

Trading recommendations for today: Watch for potential selling opportunities.