On the 4h chart of EUR/NZD, we can see that price may be trading within a big A-B-C drop, with wave A already fully developed. The sideways and choppy price activity which followed from February lows can now be labeled as a triangle correction in play, which can be trading in final stages, as we see sub-wave e of B right at the Fibonacci ratio of 61.8, possible resistance zone. In such case, a new drop may follow from current 1.6700 area, ideally in a five-wave fashion, where a break below the 1.646 level would confirm a completed triangle correction, and wave C to be in play.

Wave C would later be expected to unfold a five-wave bearish price structure.

EUR/NZD, 4h