Wave summary:
EUR/NZD tried to break below short-term important support at 1.7100, which failed and the result is a bounce back to near the top at 1.7393. We expect this resistance will continue to protect the upside for renewed downside pressure towards 1.7100 and a clear break below will call for a decline towards 1.6615 to complete wave ii.
Only a direct break above important resistance at 1.7408 will force a revision of our long-term count a call for a direct rally towards 1.8000.
R3: 1.7408
R2: 1.7394
R1: 1.7355
Pivot: 1.7300
S1: 1.7270
S2: 1.7213
S3: 1.7158
Trading recommendation:
We are short EUR from 1.7200 with our stop placed at 1.7400.
