To our surprise, EUR/NZD has continued higher towards strong resistance near 1.7240. Resistance near 1.7240 will most likely be able to cap the upside for a corrective downside pressure towards 1.6965 and maybe even closer to 1.6812 before turning higher again.
Short-term a break below minor support at 1.7140 and more importantly a break below 1.7094 will confirm that wave i/ has peaked and wave ii/ is developing.
R3:1.7346
R2: 1.7294
R1: 1.7240
Pivot: 1.7140
S1: 1.7094
S2: 1.7030
S3: 1.6965
Trading recommendation:
We will sell EUR at 1.7230 with our stop placed at 1.7300. Take profit will be placed at 1.6985.
