Wave summary:
EUR/NZD did not clear the base channel resistance as expected, which has led to a sideways consolidation, but it should only be a matter of time before this consolidation drives prices higher towards 1.6000 and above towards the ideal wave iii target seen at 1.6656.
Short-term look for consolidation within the 1.5670 - 1.5845 area before the next impulsive rally higher.
R3: 1.6485
R2: 1.6115
R1: 1.5845
Pivot: 1.5775
S1: 1.5725
S2: 1.5670
S3: 1.5576
Trading Recommendation:
We are long EUR from 1.5350 with stop placed at 1.5650. If you are not long EUR yet, then buy near 1.5670 and use the same stop.
The material has been provided by InstaForex Company - www.instaforex.com
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