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Wave summary:

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.

R3: 1.6006

R2: 1.5980

R1: 1.5930

Pivot: 1.5900

S1: 1.5880

S2: 1.5829

S3: 1.5779

Trading recommendation:

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
Source: Instaforex.com

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