Wave summary:
EUR/NZD has rallied nicely as expected and has tested resistance at 1.6348. The rally in red wave iii does not appear to be complete yet and more upside closer to 1.6536 and possibly even closer to 1.6636 remains expected.
Short-term support is seen at 1.6289, which ideally will protect the downside for the expected continuation higher. Should support at 1.6289 be broken, backup support is seen at 1.6247.
R3: 1.6636
R2: 1.6536
R1: 1.6394
Pivot: 1.6300
S1: 1.6289
S2: 1.6247
S3: 1.6212
Trading recommendation:
We are long EUR from 1.6125 and will raise our stop to 1.6225. If you are not long EUR yet, then buy near 1.6289 and use the same stop at 1.6225.
