Wave summary:
EUR/NZD is currently correcting the rally from 1.6298 and as long as minor resistance at 1.6790 and more importantly as long as resistance at 1.6890 is able to cap the upside, we continue to look for a little more downside pressure towards 1.6545 before completing this corrective decline and turning prices higher in the next impulsive rally towards 1.7770 and above.
R3: 1.6953
R2: 1.6890
R1: 1.6790
Pivot: 1.6750
S1: 1.6686
S2: 1.6636
S3: 1.6545
Trading recommendation:
We are short EUR from 1.6790 with our stop placed at 1.6890 and take profit placed at 1.6565.
