Wave summary:
EUR/NZD tried to break above 1.5347, but failed keeping the status quo regarding the trading range between 1.5149 - 1.5347. We need a break out of this range to dictate, whether wave i still is unfolding or whether wave i completed with the test of 1.5486 and wave ii currently is unfolding. A clear break above 1.5347 will indicate that wave i still is in motion for more upside closer to 1.5570 and possibly even closer to 1.5790 before wave ii takes over. On the other side, a break below support at 1.5149 will tell us that wave i completed with the test of 1.5486 and wave ii currently is unfolding for a move closer to 1.4874 before higher in wave iii.
R3: 1.5347
R2: 1.5312
R1: 1.5280
Pivot: 1.5230
S1: 1.5180
S2: 1.5165
S3: 1.5149
Trading recommendation:
We will only buy a clear break above 1.5347.
