EUR/NZD has rallied nicely and as expected into the target-zone between 1,.6694 - 1.6760. We will be looking for a corrective top in this area for a new impulsive decline in wave v towards the ideal target near 1.6169.
Short-term support is found at 1.6622 and important support is seen at 1.6533. A break below the later will indicate that the corrective top in wave iv is in place and wave v lower is developing.
R3: 1.6760
R2: 1.6728
R1: 1.6693
Pivot: 1.6622
S1: 1.6577
S2: 1.6533
S3: 1.6477
Trading recommendation:
Our take profit at 1.6675 was hit for a nice 195 pips profit. We will sell EUR at 1.6755 with a stop placed at 1.6805.
