Technical summary:
We are closer to the strong support level near 1.7470, which is expected to protect the downside for the next rally higher. A short-term breaout above minor resistance at 1.7646, which will be the first good indication that a bottom is in place for a new rally towards strong resistance at 1.8000. There are no more doubt that the next impulsive rally higher to 1.8683 is unfolding.
It will take an unexpected break below support at 1.7333 to invalidate the upside pressure.
Trading recommendation:
We keep our EUR buy-order at 1.7475 or upon a break above resistance at 1.7646 (one order done cancels the other). Stop will be placed at 1.7325.
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 September 28, 2015 . Thanks for your support.
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