Weekly chart for EUR/NZD looks bearish with new low expected in months ahead. Wave ((x)) decline starting from 2.5804 high (Feb 2009) is unfolding in the form of double correction w-x-y where wave w ended at 1.719, wave x ended at 1.957, and multi-month wave y of ((x)) is expected to complete towards 0.8925 - 1.096.
Wave ((X)) bounce is currently in progress towards 1.558 - 1.598, then the decline should resume. As far as 1.7278 level holds in wave ((X)) bounce, expect sellers to come from 1.558 - 1.598 area to start the next leg lower in EUR/NZD.
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