EUR/USD reversed from support zone Next buy target - 1…
EUR/NZD rising inside primary impulse wave ③
- EUR/NZD rising inside primary impulse wave ③
- Next buy target - 1.6620
EUR/NZD continues to rise inside the primary impulse wave ③ which started earlier from the support area lying at the intersection of the pivotal support level 1.6190 (former powerful resistance from May), lower daily Bollinger Band, 50-day simple moving average and the 38.2% Fibonacci correction of the previous upward impulse from July. EUR/NZD is expected to rise to the next buy target at the next resistance level 1.6620 (which stopped previous impulse wave ①).
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.