EUR/NZD has rallied nicely from the 1.6598 low and is currently testing important resistance at 1.6764. We need a clear break above here, to confirm that wave ii did complete at 1.6598 and wave iii higher to above 1.7300 is developing.
Short-term, we could see a set-back from important resistance at 1.6764 towards 1.6688 for a new challenge of resistance at 1.6764 and the next time we expect a clear break confirming wave iii/ higher towards 1.6937 starts to develop.
At this point on a break below minor support at 1.6612 will question our bullish outlook.
We are long EUR from 1.6600 and will raise our stop from 1.6510 to 1.6610. If you are not long EUR yet, then buy near 1.6688 or upon a break above 1.6764.
The material has been provided by InstaForex Company – www.instaforex.com