Wave summary:
EUR/NZD continues to rally as expected and should continue to move higher towards the next target at 1.6236. Support is now seen at the former resistance at 1.5880. This support should ideally protect the downside for the expected rally higher.
R3: 1.6236
R2: 161.54
R1: 1.6030
Pivot: 1.5977
S1: 1.5880
S2: 1.5830
S3: 1.5779
Trading recommendation:
We are long EUR from 1.5510. We will move our stop higher to 1.5770. If you are not long EUR yet, then buy near 1.5880 and use the same stop at 1.5770.
The material has been provided by InstaForex Company - www.instaforex.com