Once again EUR/NZD failed to break below support seen at 1.7077 (the low was seen at 1.7100). The rally following the 1.7100 low does begin to look constructive, but only a clear break above resistance at 1.7342 will indicate a corrective low already could be in place.
We do think the correction from 1.7409 has been very short both in points and time and would expect a larger correction as wave (4), but it might be that the complexity just is rising.
Our short position from 1.7450 has been stopped at 1.7250 for a 200 pip profit. We will stay neutral for now.
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