FX.co ★ EUR/NZD analysis for December 13, 2016

Recently, EUR/NZD has been moving sideways around the price of 1.4725. My analysis from yesterday is still valid. According to the 30M time frame and using the market profile, I found today's point of control at the price of 1.4780. I also found a trading range between the price of 1.4815 (resistance) and the price of 1.4715 (support). My advice is to watch for a potential breakout of support to confirm downward continuation. The trend is bearish. If the price breaks the support, EUR/NZD may visit the level of 1.4580 (Fibonacci expansion 61.8%).

Fibonacci Pivot Points:

Resistance levels

R1: 1.4810

R2: 1.4830

R3: 1.4860

Support levels:

S1: 1.4750

S2: 1.4730

S3: 1.4700

Trading recommendations for today: Watch for a potential breakout of a trading range to confirm a futher direction. A short-term trend is downward.