Wave summary:
EUR/NZD continues to follow the expected path lower towards the ideal downside target at 1.6545 from where a new impulsive rally towards 1.7770 is expected.
Short-term minor resistance is seen at 1.6750 and a break above here will be the first indication that wave ii has completed and wave iii higher is developing. To confirm that wave iii indeed is developing a break above resistance at 1.6813 is needed.
R3: 1.7059
R2: 1.6890
R1: 1.6813
Pivot: 1.6750
S1: 1.6614
S2: 1.6545
S3: 1.6518
Trading recommendation:
We are short EUR from 1.6790 and will move our stop+revers lower to 1.6770. Take profit+reverse remain at 1.6565.
The material has been provided by InstaForex Company - www.instaforex.com