Wave summary:
EUR/NZD continues to trade within a narrow range between 1.5500 - 1.5655. As long as the minor resistance at 1.5655 is able to cap the upside as long must a possible spike lower to 1.5450 be expected. Only a break above the minor resistance at 1.5655 will indicate that the corrective consolidation in red wave ii is complete and the next impulsive rally higher to 1.6232 is developing.
R3: 1.5931
R2: 1.5801
R1: 1.5712
Pivot: 1.5650
S1: 1.5566
S2: 1.5500
S3: 1.5450
Trading recommendation:
We are long EUR from 1.5645 with stop placed at 1.5210. If you are not long EUR yet, then buy near 1.5450 or upon a break above 1.5655 and start be using the same stop.
The material has been provided by InstaForex Company - www.instaforex.com