The eurnzd cross is forming an interesting pattern here that resembles a pennant so far and the beauty of it is that it comes after a so-called truncated zigzag that needs to be retraced minimum 80% and most of the times the retracement level exceeds 100%. That being said, we want to stay on the long side when the consolidation area or the range of the pennant is ending and this is happening on a move above 1.70, hence the entry level. Having an invalidation at 1.6725 is normal as eurnzd is a pair that is travelling quite some and based on the 80%-100% retracement rationale exposed above, 1.7900 should be the target. As for the pennant, it should be followed by an aggressive move after the consolidation is completed, so little or no pullbacks are expected.