EUR/NZD tested the top of the 1.6468 - 1.6563 target-zone and it looks as a bottom could be in place for wave iii/ and a corrective rally in wave iv/ is about to develop. Ideally this corrective rally will move close to the 50% corrective target of wave iii/ near 1.7023, before tuning lower again in wave v/.
To confirm that wave iii/ has bottomed and wave iv is developing, we will need a break above minor resistance at 1.6706.
R3: 1.6793
R2: 1.6731
R1: 1.6706
Pivot: 1.6660
S1: 1.6570
S2: 1.6539
S3: 1.6523
Trading recommendation:
We will buy EUR at 1.6525 or upon a break above 1.6706.
The material has been provided by InstaForex Company - www.instaforex.com