07.10.201615:14 Forex Analysis & Reviews: EUR/NZD analysis for October 07, 2016

Long-term review

This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

Recently, EUR/NZD has been moving sideways at the price of 1.5545. On the 30M time frame, I found potential topping formation and successful rejection from the point of control levels in the background, using the market profile analysis, which is sign that buying looks riksy. The level of 1.5600 was held successfully, and the sellers came in from that point. My advice is to watch for selling opportunities. Anyway, I would like to see breakout of support at the price of 1.5525 to confirm downward movement. Downward target is set at the price of 1.5350.

Fibonacci Pivot Points:

Resistance levels

R1: 1.5640

R2: 1.5665

R3: 1.5710

Support levels:

S1: 1.5550

S2: 1.5520

S3: 1.5475

Trading recommendations for today: Watch for selling opportunities on the pullbacks.

Back to the list

Open trading account

InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.