Wave summary:
The ongoing minor correction from 1.7136 is expected to peak between 1.7237 - 1.7265 for continuation of the correction in wave ii towards 1.6619. In the short term a break below minor support at 1.7184 will indicate that EUR/NZD is ready to challenge important support at 1.7100 and a break below here will confirm the expected corrective decline to 1.6619.
R3: 1.7408
R2: 1.7334
R1: 1.7265
Pivot: 1.7100
S: 1.7058
S2: 1.6916
S3: 1.6805
Trading recommendation:
We are short EUR from 1.7200 with our stop placed at 1.7415
