The strong break below support seen at 1.6942 has forced us to change our short-term count. The decline does look impulsive indicating that wave c of ii still is in force and could take EUR/NZD lower to 1.6680 before completing and setting the stage for a new impulsive rally in wave iii to above 1.7162 for a rally towards 1.7530 and 1.7744 on the way to the long-term target near 1.8437.
R3: 1.6955
R2: 1.6920
R1: 1.6887
Pivot: 1.6875
S1: 1.6827
S2: 1.6797
S3: 1.6743
Trading recommendation:
Our buy from 1.7000 was stopped out at 1.6960 for a small loss. We will stay sidelined for now.
