The correction in the red wave ii will not release its grip. However, it should just be a natter of time before a bottom is found for the red wave ii and the red wave iii takes over for a rally towards 1.7305 on the way higher to 1.8381.
EUR/NZD has been locked inside a sideways consolidation since the December 1 - 2017 peak at 1.7479. This has build up a lot of energy and once released we should see a nice strong advance towards 1.8381 and longer term closer to 1.9849.
R3: 1.7305
R2: 1.7268
R1: 1.7232
Pivot: 1.7208
S1: 1.7184
S2: 1.7153
S3: 1.7140
Trading recommendation:
We are long EUR from 1.7226 with our stop placed at 1.7110. If you are not long EUR yet, then buy a break above the channel resistance at 1.7224 and use the same stop at 1.7110.
The material has been provided by InstaForex Company - www.instaforex.com