EUR/NZD has rallied nicely and broke through the resistance at 1.6964, confirming that an important low has been seen at 1.6598.
In the short term, we expect the former resistance at 1.6764 now will act as support as EUR/NZD continues higher towards 1.6846 and 1.6937 as the next minor upside targets. In the longer term, we will be looking for the ongoing wave three to push through the former peak at 1.7294 for a continuation higher to at least 1.8437.
R3: 1.6937
R2: 1.6873
R1: 1.6847
Pivot: 1.6764
S1: 1.6725
S2: 1.6687
S3: 1.6657
Trading recommendation:
We are long on EUR from 1.6600 and we will raise our stop to 1.6700. If you are not long EUR yet, then buy near 1.6764 and use the same stop at 1.6700.
The material has been provided by InstaForex Company – www.instaforex.com
EUR/NZD has rallied nicely and broke through the resistance at 1.6964, confirming that an important low has been seen at 1.6598.
In the short term, we expect the former resistance at 1.6764 now will act as support as EUR/NZD continues higher towards 1.6846 and 1.6937 as the next minor upside targets. In the longer term, we will be looking for the ongoing wave three to push through the former peak at 1.7294 for a continuation higher to at least 1.8437.
R3: 1.6937
R2: 1.6873
R1: 1.6847
Pivot: 1.6764
S1: 1.6725
S2: 1.6687
S3: 1.6657
Trading recommendation:
We are long on EUR from 1.6600 and we will raise our stop to 1.6700. If you are not long EUR yet, then buy near 1.6764 and use the same stop at 1.6700.
The material has been provided by InstaForex Company – www.instaforex.com
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