EUR/NZD: buy target - 1.7750
By: Dmitriy Chernovolov
- EUR/NZD reached buy target 1.7250
- Next buy target - 1.7750
EUR/NZD opened this week with the sharp upward gap – breaking through the resistance level 1.7250 (which was set in our previous report as the buy target for this currency pair). The breakout of this resistance level was preceded by the upward reversal from the support zone lying at the intersection of the support trendline of the daily up channel from April and the support level 1.6800 (former upper boundary of the sideways price range from the end of June, acting as support now, after it was broken recently).
EUR/NZD is likely to rise further inside the active impulse waves (iii) and 5 toward the next buy target at the resistance level 1.7750.