Elliott wave analysis of EUR/NZD for August 21, 2018
August 21, 2018 4:23 am
EUR/NZD is finally showing signs of strength again, We still need a clear break above resistance at 1.7355 to confirm that red wave ii has completed and red wave iii is developing to above 1.7484 for a continuation higher towards 1.7924 and 1.8369 as the next important upside targets.
Support is now seen at 1.7269 and again at 1.7231. The later should ideally be able to protect the downside for the expected break above resistance at 1.7355.
R3: 1.7484
R2: 1.7417
R1: 1.7355
Pivot: 1.7310
S1: 1.7292
S2: 1.7269
S3: 1.7231
Trading recommendation:
We are long EUR at 1.7245 and we will move our stop higher to 1.7225.
The material has been provided by InstaForex Company – www.instaforex.com
EUR/NZD is finally showing signs of strength again, We still need a clear break above resistance at 1.7355 to confirm that red wave ii has completed and red wave iii is developing to above 1.7484 for a continuation higher towards 1.7924 and 1.8369 as the next important upside targets.
Support is now seen at 1.7269 and again at 1.7231. The later should ideally be able to protect the downside for the expected break above resistance at 1.7355.
R3: 1.7484
R2: 1.7417
R1: 1.7355
Pivot: 1.7310
S1: 1.7292
S2: 1.7269
S3: 1.7231
Trading recommendation:
We are long EUR at 1.7245 and we will move our stop higher to 1.7225.
The material has been provided by InstaForex Company – www.instaforex.com
Related Posts: