FX.co ★ EUR/NZD analysis for January 02, 2017

Recently, EUR/NZD has been moving downwards. The price tested the level of 1.5119 in an high volume. Using the market profile, I found Friday's point of control at the price of 1.5160. The intraday trend is bearish. According to the 30M time frame, I found a massive buying climax in the background (a major sign of weakness) and successful change in behaivor from bullih to bearish. My advice is to watch for selling opportunities on the pullbacks. I placed Fibonacci expansion to find potential downward targets. I got Fibonacci expansion 100% at the price of 1.5060 and Fibonacci expansion 161.8% at the price of 1.4960.

Fibonacci Pivot Points:

Resistance levels

R1: 1.5090

R2: 1.5113

R3: 1.5150

Support levels:

S1: 1.5025

S2: 1.5000

S3: 1.4970

Trading recommendations for today: Watch for selling opportunities.