Wave summary:
EUR/NZD took a long way and broke through support at 1.6885 for a decline closer to 1.6775 (the low has been seen at 1.6771. We could see EUR/NZD move slightly lower to 1.6740 before completing wave ii and setting the stage for wave iii higher to 1.7470 on the way higher to 1.7777.
Only a direct break above minor resistance at 1.6865 will hint that wave ii already has completed and wave iii higher is taking over.
R3: 1.6978
R2: 1.6860
R1: 1.6825
Pivot: 1.6770
S1: 1.6740
S2: 1.6681
S3: 1.6630
Trading recommendation:
We bought EUR at 1.6790 and will place our stop at 1.6690.
