Wave summary:
EUR/NZD is now accelerating higher, which is exactly what we would expect from wave iii. We would likely to see the base-channel resistance-line near 1.5765 be broken too as that will add confidence in wave iii developing and call for even more upside acceleration higher towards the first extension target for wave iii target at 1.6656.
Support is now seen at 1.5500 and again at 1.5357.
R3: 1.6069
R2: 1.5837
R1: 1.5765
Pivot: 1.5660
S1: 1.5500
S2: 1.5357
S3: 1.5176
Trading recommendation:
We are long EUR from 1.5350 and we will move our stop higher to break-even. If you are not long EUR yet, the buy near 1.5500 and use the same stop.
The material has been provided by InstaForex Company - www.instaforex.com