EUR/NZD analysis for January 06, 2017

analytics586f6561b94b0.png

Recently, EUR/NZD has been moving upwards. The price tested the level of 1.5126 in a high volume. According to the 30M time frame and using the market profile, I found yesterday’s point of control at the price of 1.5060. I found broken 3-day balance, which is a sign that the market is ready for higher price. My advice is to wait for potential buying opportunities on the dips. Targets are set at the price of 1.5165 and 1.5215. In case the pair can’t keep upward momentum, the price may test the level of 1.5000.

Fibonacci Pivot Points:

Resistance levels

R1: 1.5105

R2: 1.5125

R3: 1.5155

Support levels:

S1: 1.5040

S2: 1.5025

S3: 1.4995

Trading recommendations for today: Watch for buying opporutnities due to a breakout of a trading range in the background.

The material has been provided by InstaForex Company – www.instaforex.com

The post EUR/NZD analysis for January 06, 2017 appeared first on forexnewstoday.net.

You may also like