Wave summary:
EUR/NZD has broken below support at 1.7210 confirming the expectation of wave c of iv lower to 1.7035 as the first target for wave c. Short-term, minor resistance at 1.7244 ideally will cap the upside for a continuation lower towards 1.7077 and 1.7035 as the next downside targets.
Only a break above resistance at 1.7319 will question the expected downside pressure.
R3: 1.7319
R2: 1.7276
R1: 1.7244
Pivot: 1.7190
S1: 1.7155
S2: 1.7098
S3: 1.7077
Trading recommendation:
We are short EUR from 1.7450. We will move our stop lower to 1.7325. Take profit stays at 1.7050.
The material has been provided by InstaForex Company - www.instaforex.com