EUR/NZD spiked higher to 1.6965 before tuning lower again. The failure to sustain the break above 1.6955 calls for more downside pressure towards 1.6720 before a low likely is in place. Short-term minor resistance is seen at 1.6873 and a break above here will be the first warning that a low has been found.
Our stop at 1.6955 was hit for a nice profit of 245 pips. We will be looking for a new buying opportunity and will buy a break above 1.6873.
The material has been provided by InstaForex Company – www.instaforex.com