Recently, EUR/NZD has been moving downwards. The price tested the level of 1.5565 in a high volume. According to the 1H time frame, I found that EUR/NZD is in a bearish corrective phase. I have placed Fibonacci expansion to find potential end of ABC corrective phase. I got Fibonacci expansion 61/8% at the price of 1.5558 and Fibonacci expansion 100% at the price of 1.5522. Observing the market profile, I found the point of control from yesterday's profile at the price of 1.5550. Selling positions are preferable since EUR/NZD is in a bearish corrective phase.
Fibonacci Pivot Points:
Resistance levels:
R1: 1.5590
R2: 1.5615
R3: 1.5650
Support levels:
S1: 1.5510
S2: 1.5485
S3: 1.5445
Trading recommendations for today: Watch for selling opportunities.
