FX.co ★ EUR/NZD analysis for November 25, 2016

Recently, EUR/NZD has been moving downwards. The price tested the level of 1.5019 in a high volume. Using the market profile on the M30 time frame, I found that the price rejected from strong point of control at 1.5115 in the background. The price is trading below 21SMA, which is a sign of weakness. I placed Fibonacci expansion to find potential downward targets. The first downward target is set at the price of 1.5000; and the second, at 1.4980. The second possible scenario for EUR/NZD sideways trading near the level of 1.5040.

Fibonacci Pivot Points:

Resistance levels

R1: 1.5100

R2: 1.5125

R3: 1.5160

Support levels:

S1: 1.5030

S2: 1.5015

S3: 1.4975

Trading recommendations for today: Watch for a potential downside or try to trade in the range.