Wave summary:
EUR/NZD continues to work its way higher as expected. The break above resistance at 1.6236 indicates upside acceleration towards 1.6969. On the way, higher minor resistance will be seen at 1.6348 and again at 1.6636, but they should only prove to be temporary resistance on the way higher to 1.6969.
The former resistance at 1.6236 will now act as support, with back-up support seen just below at 1.6210.
R3: 1.6636
R2: 1.6464
R1: 1.6348
Pivot: 1.6236
S1: 1.6210
S2: 1.6144
S3: 1.6102
Trading recommendation:
We are long EUR from 1.6125 and will raise our stop to break-even. If you are not long EUR yet, then buy near 1.6236 and use the same stop at 1.6125.
The material has been provided by InstaForex Company - www.instaforex.com
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