Wave summary:
Not much to add here. EUR/NZD is trying to bottom in wave ii/, but a break above minor resistance at 1.5564 remains needed to confirm that wave ii/ has completed and wave iii/ higher to above 1.6237 is developing.
As long as resistance at 1.5564 is able to cap the upside, we will need to allow for a slightly new low, but the downside potential should remain limited.
R3: 1.5633
R2: 1.5564
R1: 1.5504
Pivot: 1.5400
S1: 1.5352
S2: 1.5291
S3: 1.5238
Trading recommendation:
We are long EUR from 1.5446 with stop placed at 1.5246. If you are not long EUR yet, then buy a break above 1.5564 and start by using the same stop.
The material has been provided by InstaForex Company - www.instaforex.com