Wave summary:
EUR/NZD corrected higher to 1.6914, before losing steam and is again pushing lower and a break below support at 1.6790 will confirm a continuation lower to 1.6545 to complete wave ii and setting the stage for the next impulsive rally in wave iii towards 1.7778 and above.
Short-term only a break above minor resistance at 1.6871 will ease the downside pressure and call for a new minor pop closer to 1.6954 before lower again.
R3: 1.6954
R2: 1.6914
R1: 1. 6857
Pivot: 1.6790
S1: 1.6712
S2: 1.6660
S3: 1.6545
Trading recommendation:
We took half profit at 1.6910 for a small profit of 20 pips. We will take profit on the second half at 1.6910 too or take our stop + reverse to short EUR at 1.6790
The material has been provided by InstaForex Company - www.instaforex.com