17.10.201615:01 Forex Analysis & Reviews: EUR/NZD analysis for October 17, 2016

Long-term review

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Recently, EUR/NZD has been moving downwards. The price tested the level of 1.5412 in an average volume. Using the market profile analysis, I found today's point of control at the price of 1.5460. Anyway, I still expect lower price on EUR/NZD since the price broke trading range in the background, which is a sign of weakness. Watch for selling opportunities on the pullbacks. Take profit level is set at the price of 1.5350 and 1.5310.

Fibonacci Pivot Points:

Resistance levels

R1: 1.5560

R2: 1.6600

R3: 1.5650

Support levels:

S1: 1.5450

S2: 1.5425

S3: 1.5370

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

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