EUR/NZD analysis for November 22, 2016

By | November 22, 2016

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Recently, EUR/NZD has been moving sideways at the price of 1.5020. Using the market profile in the 30M time frame, I found yesterday’s point of control at the price of 1.5125. Besides, I found a trading range between the price of 1.4997 (support) and the price of 1.5056. Watch for a breakout to confirm a further direction. If the price breaks upward, the target will be set at the price of 1.5125. If the price breaks lower, the target will be set at the price of 1.4960. I give more chances for higher price since price is out of balance according to yesterday’s profile.

Fibonacci Pivot Points:

Resistance levels

R1: 1.5125

R2: 1.5150

R3: 1.5210

Support levels:

S1: 1.5015

S2: 1.4985

S3: 1.4930

Trading recommendations for today: Watch for a potential breakout to confirm a further direction.

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

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