EUR/NZD is finally showing some strength. A break above resistance at 1.7205 seems imminent and a clear break above this resistance confirms that red wave iii higher to 1.7510 is in motion. Longer term much higher levels remain expected.
Short-term support now is seen at 1.7180 and again at 1.7130 but they will likely not come into play.
R3: 1.7305
R2: 1.7268
R1: 1.7207
Pivot: 1.7180
S1: 1.7130
S2: 1.7116
S3: 1.7106
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 resistance at 1.7205 and use the same stop at 1.7110.
The material has been provided by InstaForex Company - www.instaforex.com