FX.co ★ EUR/NZD analysis for December 26, 2016

Recently, EUR/NZD has been moving sideways at the price of 1.5110. Using the market profile, I found yesterday's point of control at 1.5110 on the 30M time frame. The price is trading below the 21SMA and there is a broken upward channel in the background, which is a sign of weakness. My advice is to watch for selling opportunities on pullbacks. Downward targets are set at the price of 1.5015 and 1.4970. Anyway, if the price rejects from 1.5070, EUR/NZD may test the swing high at the price of 1.5230.

Fibonacci Pivot Points:

Resistance levels

R1: 1.5160

R2: 1.5185

R3: 1.5225

Support levels:

S1: 1.5080

S2: 1.5050

S3: 1.5010

Trading recommendations for today: watch for selling opportunities.