EUR/NZD analysis for November 21, 2016

By | November 21, 2016

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Recently, EUR/NZD has been moving downwards. The price tested the level of 1.5018 in an average volume. Using the market profile in the 30M time frame, I found that price went to imbalance out of strong point of control zone in the background. Watch for selling opportunities on the pullbacks. I placed Fibonacci expansion to find potential downward targets. I found Fibonacci expansion 100% at the price of 1.4985 and Fibonacci expansion 161.8% at the price of 1.4850.

Fibonacci Pivot Points:

Resistance levels

R1: 1.5125

R2: 1.5150

R3: 1.5180

Support levels:

S1: 1.5055

S2: 1.5035

S3: 1.5000

Trading recommendations for today: Watch for potential selling opportunities.

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

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