Recently, EUR/NZD has been moving downwards. As I expected, the price tested the level of 1.4973 in a high volume. Using the market profile on the M30 time frame, I found that price went from balance to imbalance. Besides, the price broke the swing low in the background, which is a sign of weakness. Watch for selling opportunities on the pullbacks. I placed Fibonacci expansion to find potential downward target and got the expansion 161.8% at the level of 1.4935. Anyway, if the price rejects and starts moving upward, point of control for today is set at the level of 1.5030.
Fibonacci Pivot Points:
Resistance levels
R1: 1.5070
R2: 1.5090
R3: 1.5115
Support levels:
S1: 1.5015
S2: 1.4995
S3: 1.4965
Trading recommendations for today: watch for a potential downward movement.
