EUR/NZD failed to break clearly above resistance at 1.7205 once again, which is disappointing. As long as support at 1.7116 is able to protect the downside we will remain slightly bullish, but the failure to break clearly above resistance the 1.7205 - 1.7224 zone does raise the possibility of the alternate count, that a final dip closer to 1.7066 will be needed before wave ii/ finally completes and wave iii/ will be ready to take over.
We will need a clear break above resistance at 1.7224 to confirm that wave iii/ is developing.
R3: 1.7224
R2: 1.7180
S1: 1.7155
Pivot: 1.7137
S1: 1.7117
S2: 1.7094
S3: 1.7066
Trading recommendation:
We remain long EUR at 1.7226 with our stop placed at 1.7110. If you are not long EUR yet, then wait for a clear break above 1.7224 before committing.
