EUR/NZD has now entered the target-zone between 1.6468 – 1.6563. We expect a low to be found within the area for a corrective rally towards at least 1.6915 and likely even closer to 1.7023 before renewed downside pressure should be expected.
We have reviewed our count from the 1.7929 peak and finds the current count a better fit, which means we are looking for a low of wave iii/ and wave iv/ soon should take over for a corrective rally. A break above minor resistance at 1.6706 indicates that wave iii/ has completed and wave iv/ is developing.
We will buy EUR at 1.6525 or upon a break above 1.6706.
The material has been provided by InstaForex Company – www.instaforex.com