EUR/NZD is following the expected path and is correcting. The minimum corrective target at 1.6793 has already been tested, but we expected a little more correction closer to the 1.6835 - 1.6860 area will be seen before lower again towards the ideal target near 1.6620.
The test of 1.6620 will ideally complete the corrective decline from 1.7162. That said it's possible that a larger correction is developing and if this is the case, a decline to 1.6220 should be expected before a more firm bottom is in place.
R3: 1.6860
R2: 1.6820
R1: 1.6793
Pivot: 1.6736
S1: 1.6676
S2: 1.6620
S3: 1.6580
Trading recommendation: We are looking for an EUR-selling opportunity at 1.6845.
