EUR/NZD - 4 Hourly
The long-term uptrend from 1.4536 remains firmly in place. We are currently looking for a break above the neckline resistance at 1.7310 and more importantly a break above resistance at 1.7480 that triggers the two years S/H/S bottom for a continuation higher towards the measured target at 2.0010.
Zooming in on the shorter time-frame, we need a break above the base-channel resistance, currently near 1.7310 to accelerate wave iii/ of iii higher towards 1.7835 and possibly even higher.
Support is now seen at 1.7179.
R3: 1.7480
R2: 1.7342
R1: 1.7257
Pivot: 1.7251
S1: 1.7228
S2: 1.7203
S3: 1.7179
Trading recommendation:
We remain long EUR from 1.6964 and we will raise our stop to 1.7090. If you are not long EUR yet, then buy as close to important support at 1.7179 as possible and use the same stop.
