Source: Forex Analysis
EUR/NZD has followed the expected path laid out to perfection. We expect that resistance near 1.6859 will cap the upside for a break below minor support 1.6786 confirming that wave iv/ has completed and wave v/ lower towards 1.6613 is developing.
This should complete wave ii and set the stage for a larger rally in wave iii to above 1.7162.
Only an unexpected break below important support at 1.6518 changes the count and indicates, that a larger correction is unfolding from 1.7493. This larger correction, if it’s seen, targets 1.6220. We do not favor this alternate scenario, but it can not be excluded yet.
We sold EUR again at 1.6845 and we placed our stop at 1.6915.
The material has been provided by InstaForex Company – www.instaforex.com