Technical summary:
The pair is stll locked in a consolidation zone, but support seen near 1.6320 is expected to protect the downside for a break above minor resistance at 1.6520 and more importantly above resistance at 1.6622, which would call for a continuation higher to 1.7154.
Only an unexpected break below support at 1.6320 will delay the expected rally higher. But at no point should support at 1.6035 be broken as that would call for a larger correction of the rally from 1.3880.
The material has been provided by InstaForex Company - www.instaforex.comFor detail explanation and best discovery on daily market trends and news you may visit via Elliott wave analysis of EUR/NZD for July 10, 2015 . Thanks for your support.
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