EUR/NZD has finally broken above short-term important resistance at 1.7557. This break confirms that red wave ii/ completed with the test of 1.7355 and red wave iii/ towards 1.8345 now is developing.
Due to the hidden divergence we showed in yesterdays post, we expected this rally to be strong and accelerating higher towards the 1.8345 target.
The former resistance at 1.7557 is now acting as support.
R3: 1.7657
R2: 1.7625
R1: 1.7598
Pivot: 1.7557
S1: 1.7515
S2: 1.7495
S2: 1.7475
Trading recommendation:
We are long EUR from 1.7495. We will move our stop higher to 1.7385. If you are not long EUR yet, then buy near 1.7557 and use the same stop at 1.7385.
The material has been provided by InstaForex Company - www.instaforex.com