EUR/NZD remains locked in the 1.5577 – 1.5730 range. We are still looking for a break above the minor resistance at 1.5730 and more importantly a break above resistance at 1.5899 to confirm the next impulsive rally higher towards 1.6236 and above.
A break below 1.5577 will delay the expected rally higher, but support at 1.5419 should protect the downside.
We are long EUR from 1.5510 with stop placed at 1.5410. If you are not long EUR yet, then buy near 1.5577 or upon a break above 1.5730 and use the same stop.
The material has been provided by InstaForex Company – www.instaforex.com