EUR/JPY - 4 Hourly
EUR/NZD peaked at 1.7257 and we should now see a correction towards at least 1.7033 and likely even closer to the 50% corrective target at 1.6964.
Once this correction is complete, we expect the long-term uptrend to be re-railed for the next rally higher towards 1.7479 on the way towards 1.8473 and ultimately the long-term target near 1.9844, which also marks the 50% corrective target of the decline from 2.5773 to 1.3880.
R3: 1.7191
R2: 1.7166
R1: 1.7145
Pivot: 1.7120
S1: 1.7089
S2: 1.7050
S3: 1.7033
Trading recommendation:
We sold EUR at 1.7165 and will move our stop lower to breakeven at 1.7165.
