Wave summary:
EUR/NZD continues to push lower as it failed to break back above minor resistance at 1.6969 (the high was seen at 1.6942, which now acts the minor resistance to break). As long as minor resistance at 1.6942 is able to cap the upside as long will the downside pressure remain, with the possibility of a continuation lower to 1.6720, That said, the decline from 1.7493 is looking tired and a bottom is expected soon.
R3: 1.7079
R2: 1.7000
R1: 1.6942
Pivot: 1.6863
S1: 1.6821
S2: 1.6789
S3: 1.6720
Trading recommendation:
We are short EUR from 1.7200 and will move our stop lower to 1.6955, Take profit will be placed at 1.6740.
