EUR/NZD stopped just below our 1.7012 corrective target. We could still see a final spike to just below 1.6998, but it should be short lived and quickly surrender to a new impulsive rally above minor resistance at 1.7100, that confirms a corrective low is in place and a new rally higher to 1.7474 is developing.
R3: 1.7116
R2: 1.7100
R1: 1.7070
Pivot: 1.6998
S1: 1.6963
S2: 1.6928
S3: 1.6895
Trading recommendation:
We bought EUR at 1.7025 and will place our stop at 1.6925.
