Wave summary:
Once again EUR/NZD failed to break below support seen at 1.7077 (the low was seen at 1.7100). The rally following the 1.7100 low does begin to look constructive, but only a clear break above resistance at 1.7342 will indicate a corrective low already could be in place.
We do think the correction from 1.7409 has been very short both in points and time and would expect a larger correction as wave (4), but it might be that the complexity just is rising.
R3: 1.7342
R2: 1.7319
R1: 1.7264
Pivot: 1.7195
S1: 1.7157
S3: 1.7100
Trading recommendation:
Our short position from 1.7450 has been stopped at 1.7250 for a 200 pip profit. We will stay neutral for now.
