EUR/NZD is set to break higher anytime now. The next impulsive rally should break above the base-channel resistance line, which currently sits near 1.7669 for acceleration towards 1.7820 on the way higher to 1.8369 and above in the longer term.
Support remains seen at 1.7538 and 1.7506. Ideally, the later will be able to protect the downside for the expected acceleration higher.
R3: 1.7714
R2: 1.7669
R1: 1.7597
Pivot: 1.7538
S1: 1.7505
S2: 1.7484
S3: 1.7459
Trading recommendation:
We are long EUR from 1.7330 with our stop placed at 1.7410. If you are not long EUR yet, buy near 1.7505 or upon a break above 1.7597 and use the same stop at 1.7410.
The material has been provided by InstaForex Company - www.instaforex.com