EUR/NZD likely bottomed at 1.6744, just above the expected target at 1.6720. Short-term a break above minor resistance at 1.6939 and more importantly a break above 1.6965 is needed to confirm that wave (iv) has completed and wave (v) higher towards 1.7770 is developing.
As long as resistance at 1.6965 is able to cap the upside, we need to allow a decline closer to 1.6720.
We bought EUR at 1.6873 and will placed our stop at 1.6700.
The material has been provided by InstaForex Company – www.instaforex.com