EUR/NZD rallied nicely from support near 1.6425 and should be headed closer to the strong resistance-area between 1.6694 - 1.6760.
Short-term minor resistance near 1.6536 will be able to protect the downside for a break above minor resistance at 1.6614 that calls for the rally into the 1.6694 - 1.6760 area to complete wave iv and set the stage for the next decline in wave v towards 1.6169.
R3: 1.6694
R2: 1.6665
R1. 1.6614
Pivot: 1.6558
S1: 1.6536
S2: 1.6513
S3: 1.6480
Trading recommendation:
We bought EUR at 1.6480 and will raise our stop to Break-even. We will take profit at 1.6675.
The material has been provided by InstaForex Company - www.instaforex.com