EUR/USD reversed from support zone Next buy target - 1…
EUR/NZD rising inside minor impulse wave 5
- EUR/NZD rising inside minor impulse wave 5
- Next buy target - 1.6200
EUR/NZD continues to rise inside the minor impulse wave 5, which started earlier, with the daily Morning Star from the support zone lying between the support level 1.5710 and the 38.2% Fibonacci correction of the previous sharp upward impulse wave from the middle of April. The active impulse wave belongs to the intermediate impulse (3).
EUR/NZD is expected to rise to the next buy target at the resistance level 1.6200 (target price for the completion of the active impulse wave (3), intersecting with the resistance trendline of the daily up channel from February).
We've got a bearish "High Wave", which has strong confirmation. In this case, the price is likely going to decline.
Growing concerns over Greek bailout, early elections in Italy and comments by the ECB President Mario Draghi about the need to maintain the bank’s extraordinary amount of monetary policy support…
The 144 Moving Average has acted as support, but there's a bearish "Engulfing' at the local high.