EUR/NZD continues to follow the expected path. We are currently looking for a sideways consolidation as wave iv develops. As wave ii was a zig-zag correction, we should be looking for some kind of flat correction or a triangle correction in wave iv and the complexity will be much higher than that of wave ii, which also means harder to track in the short-term.
Once the ongoing wave iv correction is complete a final decline closer to 1.6620 will be expected.
R3: 1.6892
R2: 1.6872
R1: 1.6834
Pivot: 1.6808
S1: 1.6785
S2: 1.6758
S3: 1.6739
Trading recommendation:
We are short EUR from 1.6900 with stop placed at 1.6860. We will take profit at 1.6770. Hoping for an opportunity to re-sell EUR near 1.6890.
