EUR/NZD - Daily
EUR/NZD - 8 Hourly
Wave summary:
The break above 1.7393 and 1.7408 has forced us to review our count. This break opens two possible scenarios. The first is that the expected deeper correction from 1.7408 still is alive, but in the shape of an expanded flat correction and if this is the case, then resistance at 1.7458 should be able to cap the upside for a break below 1.7394 and more importantly below 1.7374 that will call for a decline to 1.7035 in wave C.
The other possible scenario indicates more upside towards 1.7988 already is developing and we were blindsided by the correction from 1.7408 and expected it to be deeper than it was. If this scenario is to be preferred a clear break above 1.7458 will be needed.
R3: 1.7665
R2 1.7582
R1: 1.7458
Pivot: 1.7394
S1: 1.7374
S2: 1.7350
S3: 1.7272
Trading recommendation:
We will sell EUR at 1.7450 or upon a break below 1.7394 with a stop placed at 1.7485.
