Wave summary:
EUR/NZD did not clear the base channel resistance as expected, which has led to a sideways consolidation, but it should only be a matter of time before this consolidation drives prices higher towards 1.6000 and above towards the ideal wave iii target seen at 1.6656.
Short-term look for consolidation within the 1.5670 - 1.5845 area before the next impulsive rally higher.
R3: 1.6485
R2: 1.6115
R1: 1.5845
Pivot: 1.5775
S1: 1.5725
S2: 1.5670
S3: 1.5576
Trading Recommendation:
We are long EUR from 1.5350 with stop placed at 1.5650. If you are not long EUR yet, then buy near 1.5670 and use the same stop.
