The corrective low for wave [iv] was seen at 1.5645 and wave [v] higher is now unfolding. This rally should be able to rally towards minimum 1.6172 and ideally, will extend higher towards 1.6500 and 1.6655 to complete wave iii.
If, however, EUR/NZD fails to clear resistance at 1.6172 it will indicate that a sub-count is unfolding and the rally from 1.5054 will only be counted as sub-wave i/ of iii indicating a strong extension in wave iii.
R3: 1.6172
R2: 1.6072
R1: 1.6021
Pivot: 1.6000
S1: 1.5903
S2: 1.5810
S3: 1.5740
Trading recommendation:
We are long EUR at 1.5940 and will place our stop at 1.5840.
The material has been provided by InstaForex Company – www.instaforex.com Source: Instaforex.com
Wave summary:
The corrective low for wave [iv] was seen at 1.5645 and wave [v] higher is now unfolding. This rally should be able to rally towards minimum 1.6172 and ideally, will extend higher towards 1.6500 and 1.6655 to complete wave iii.
If, however, EUR/NZD fails to clear resistance at 1.6172 it will indicate that a sub-count is unfolding and the rally from 1.5054 will only be counted as sub-wave i/ of iii indicating a strong extension in wave iii.
R3: 1.6172
R2: 1.6072
R1: 1.6021
Pivot: 1.6000
S1: 1.5903
S2: 1.5810
S3: 1.5740
Trading recommendation:
We are long EUR at 1.5940 and will place our stop at 1.5840.
The material has been provided by InstaForex Company – www.instaforex.com
Source: Instaforex.com
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