EUR/NZD turned lower from 1.6728 right from the middle of our target-zone between 1.6694 - 1.6760. The strong decline from the peak of wave iv at 1.6728 confirms wave v lower to 1.6169 now is in motion.
Short-term, we are looking for resistance near 1.6675, which we expected will cap the upside for the next strong decline to below 1.6590 and more importantly below support at 1.6527 that should accelerate prices lower towards the long-term target at 1.6169.
R3: 1.6728
R2: 1.6702
R1: 1.6675
Pivot: 1.6636
S1: 1.6612
S2: 1.6590
S3: 1.6527
Trading recommendation:
We will sell EUR at 1.6665 or upon a break below 1.6620 and we will place our stop at 1.6735.
