FX.co ★ EUR/NZD analysis for November 09, 2016

Recently, EUR/NZD has been moving sideways at the price of 1.5040. Using the market profile on the 30M time frame, I found weakness and strong buying climax in the background due to the election in the US. 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 target is set at the price of 1.4880.

Fibonacci Pivot Points:

Resistance levels

R1: 1.5040

R2: 1.5085

R3: 1.5165

Support levels:

S1: 1.4885

S2: 1.4835

S3: 1.4755

Trading recommendations for today: Watch for potential selling opportunities.