Due to the uncertainties in Italy's economy the EUR was pushed lower than first expected, but the long-term uptrend remains firmly in place.
With the test of long-term support at 1.7484 EUR/NZD corrective decline likely is done and the next impulsive rally about to start. That said, we need a break above minor resistance at 1.7637 and more importantly a break above resistance at 1.7732 to confirm the next rally towards 1.8030 and longer term higher to 1.8369.
R3: 1.7732
R2: 1.7704
R1: 1.7636
Pivot: 1.7554
S1: 1.7528
S2: 1.7484
S3: 1.7420
Trading recommendation: Our stop at 1.7515 was hit for a loss of 100 pips. We will re-buy EUR at 1.7500 or upon a break above 1.7638.
The material has been provided by InstaForex Company - www.instaforex.com