EUR/NZD - Daily
EUR/NZD - 4 Hourly
Wave summary:
We are still looking for a break above resistance seen at 1.4866 that confirms that a long-term low finally is at 1.4495 and a new long-term rally in wave 3 is developing. Short-term, we expect that the minor support at 1.4690 will be able to protect the downside for a break above minor resistance seen at 1.4835 and more importantly above resistance at 1.4866 that calls for a rally to 1.5282 on the way higher to 1.5836 and above.
Only an unexpected break below 1.4495 will invalidate our bullish outlook.
R3: 1.4955
R2: 1.4866
R1: 1.4835
Pivot: 1.4795
S1: 1.4738
S2: 1.4685
S3: 1.4615
Trading recommendation:
We remain long EUR from 1.4840 with stop placed at 1.4490. If you are not long EUR yet, then buy a break above 1.4835 or more importantly buy a break above 1.4866 and use the same stop at 1.4490.
The material has been provided by InstaForex Company - www.instaforex.com