EUR/NZD is once again testing important resistance at 1.7224, but we need a clear break above here to confirm that the next impulsive rally towards 1.7510 is in motion. As long as resistance at 1.7224 is able to cap the upside as long does the possibility for a final drop into the 1.7033 - 1.7066 area exist, before completing wave ii/.
Longer-term, we remain bullish EUR/NZD for a rally towards 1.8310 and ultimately higher towards 1.98 - 1.99 area.
R3: 1.7305
R2: 1.7251
R1: 1.7224
Pivot: 1.7187
S1: 1.7150
S2: 1.7115
S2: 1.7094
Trading recommendation:
We are long EUR from 1.7226 with our stop placed at 1.7110.
