EUR/NZD has spiked lower to 1.7055. We are still looking for a spike closer to support in the 1.7012 - 1.7032 area before turning higher again towards 1.7474 on the way to 1.8473 longer terms.
Short-term, we expect minor resistance at 1.7145 to be able to cap the upside for the final spike lower to 1.7012 but a break above 1.7145 will be a warning that wave ii/ already has completed, while a break above resistance at 1.7180 will confirm wave ii/ has completed and wave iii/ higher is developing.
R3: 1.7227
R2: 1.7202
R1: 1.7180
Pivot: 1.7145
S1: 1.7100
S2: 1.7055
S3: 1.7012
Trading recommendation:
We will buy EUR at 1.7025 or upon a break above 1.7145.
The material has been provided by InstaForex Company - www.instaforex.com
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