EUR/NZD has followed the expected path lower in wave C. Ideally this decline will complete near 1.6922 and set the stage for the next impulsive rally to above minor resistance at 1.7049 and more importantly above resistance at 1.7166 that confirms wave iii/ towards at least 1.7474 is developing.
R3: 1.7103
R2: 1.7049
R1: 1.7000
Pivot: 1.6967
S1: 1.6955
S2: 1.6922
S3: 1.6881
Trading recommendation:
We took profit on our short position from 1.7100 at 1.6965 and book a nice little profit of 135 pips. We will buy EUR at 1.6930 or upon a break above 1.7055.
