EUR/NZD is rallying nicely and has now cleared minor resistance at 1.5897, too. This confirms continuation higher towards 1.6236 as the next upside target. However, longer term, we expected EUR/NZD to move way past the 1.6236 target, too.
Support is now seen at 1.5880 and again at 1.5829. The later should be able to protect the downside as EUR/NZD accelerates higher.
We are long EUR from 1.5510. We will raise our stop higher to 1.5750. If you are not long EUR yet, then buy near 1.5830 and use the same stop at 1.5750.
The material has been provided by InstaForex Company – www.instaforex.com