EUR/NZD: buy target – 1.6000
By: Dima Chernovolov
- EUR/NZD rises inside C-wave
- Next buy target – 1.6000
EUR/NZD continues to rise after the recent breakout of the resistance trendline of the wide weekly down channel from last year. The breakout of this resistance trendline accelerated the active minor C-wave of the intermediate ABC correction (2) from April. This C-wave earlier broke the resistance levels 1.5400 (which stopped the previous A-wave) and 1.5600. Each of these successive breakouts accelerated the growth of this currency pair.
EUR/NZD is likely to rise further inside the active C-wave toward the next buy target at 1.6000 (target price calculated for the completion of the C-wave).