Elliott wave analysis of EUR/NZD for August 1, 2017
August 1, 2017 5:42 am
Wave summary:
Finally, EUR/NZD is moving higher again. The break above 1.5743 is the first good indication that the red wave ii/ completed with the test of 1.5527 and that the red wave iii/ higher to 1.6236 is developing now. Support is seen at 1.5680 with back-up support at 1.5587. The later should be able to protect the downside.
R3: 1.5897
R2: 1.5820
R1: 1.5779
Pivot: 1.5750
S1: 1.5682
S2: 1.5587
S3: 1.5527
Trading recommendation:
We are long EUR from 1.5510. Our stop will be moved higher to break-even. If you are not long EUR yet, then buy near 1.5685 or upon a break above 1.5779 and place your stop at 1.5575.
The material has been provided by InstaForex Company – www.instaforex.com Source: Instaforex.com
Wave summary:
Finally, EUR/NZD is moving higher again. The break above 1.5743 is the first good indication that the red wave ii/ completed with the test of 1.5527 and that the red wave iii/ higher to 1.6236 is developing now. Support is seen at 1.5680 with back-up support at 1.5587. The later should be able to protect the downside.
R3: 1.5897
R2: 1.5820
R1: 1.5779
Pivot: 1.5750
S1: 1.5682
S2: 1.5587
S3: 1.5527
Trading recommendation:
We are long EUR from 1.5510. Our stop will be moved higher to break-even. If you are not long EUR yet, then buy near 1.5685 or upon a break above 1.5779 and place your stop at 1.5575.
The material has been provided by InstaForex Company – www.instaforex.com
Source: Instaforex.com
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