EUR/NZD is showing signs of re-entering the uptrend towards 1.8030 and above it towards 1.8369. In the short term, a break above minor resistance at 1.7732 will be the first solid indication that the correction in red wave iv has completed and red wave v towards at least 1.8030 is developing.
Only an unexpected break back below minor support at 1.7536 will prolong the correction in red wave iv, but the potential downside should remain very limited.
R3: 1.7823
R2: 1.7783
R1: 1.7732
Pivot: 1.7651
S1: 1.7626
S2: 1.7585
S3: 1.7536
Trading recommendation:
We are long EUR from 1.7615 with our stop placed at 1.7515. If you are not long EUR yet, then buy upon a break above 1.7732 and use the same stop at 1.7515.
The material has been provided by InstaForex Company -
www.instaforex.com