EUR/NZD – Daily
EUR/NZD – 4-Hourly
Here too the correction from 1.5764 has been very deep (as is the case for EUR/JPY). This of course makes us a bit cautious, but then we know, that second waves are allowed to correct 100% of the first impulsive wave. It means a decline to 1.4989 is allowed, but at no point can a break below 1.4989 be accepted as that will invalidate our bullish count. So we continue to expect important support at 1.4989 will protect the downside for a break above minor resistance at 1.5292 indicating more upside towards 1.5523 and above towards 1.5764 and 1.6396.
A break below 1.4989 will invalidate the bullish outlook, but the downside should remain limited to 1.4891.
We are long EUR from 1.5285 with stop placed at 1.4985. If you are not long EUR yet, then buy a break above 1.5292 and use the same stop at 1.4985.
The material has been provided by InstaForex Company – www.instaforex.com