Recently, EUR/NZD has been moving sideways around the price of 1.4735. According to the 30M time frame and market profile, I found yesterday's peak at 1.4765 and the price breached that level successfully. The price is trading below 21SMA and I found a supply cluster from the top, which is a sign of weakness. My advice is to watch for selling opportunities. I have placed Fibonacci expansion to find potential downward targets. I got Fibonacci expansion 61.8% at the price of 1.4695, Fibonacci expansion 100% at the price of 1.4655 and Fibonacci expansion 161.8% at the price of 1.4580.
Fibonacci Pivot Points:
Resistance levels
R1: 1.4795
R2: 1.4820
R3: 1.4870
Support levels:
S1: 1.4705
S2: 1.4675
S3: 1.4630
Trading recommendations for today: Watch for selling opportunities.
