Elliott wave analysis of EUR/NZD for July 23, 2018
July 23, 2018 6:23 am
The expected correction from 1.7305 dipped just below our lower boundary at 1.7188 (the low has been seen at 1.7184), this is enough to complete the correction in the red wave ii and set the stage for the next impulsive rally in the red wave iii towards 1.7505 as the next upside target on the way towards 1.8381 and longer term higher to 1.9848.
In the short-term, a break above minor resistance at 1.7268 will confirm that the red wave ii has completed and the red wave iii is developing.
R3: 1.7305
R2: 1.7268
R1: 1.7232
Pivot: 1.7208
S1: 1.7184
S2: 1.7164
S3: 1.7144
Trading recommendation:
We are 50% long EUR from 1.7237 and has re-bought 50% at 1.7215 for an average price of 1.7226 with our stop placed at 1.7110.
The material has been provided by InstaForex Company – www.instaforex.com
The expected correction from 1.7305 dipped just below our lower boundary at 1.7188 (the low has been seen at 1.7184), this is enough to complete the correction in the red wave ii and set the stage for the next impulsive rally in the red wave iii towards 1.7505 as the next upside target on the way towards 1.8381 and longer term higher to 1.9848.
In the short-term, a break above minor resistance at 1.7268 will confirm that the red wave ii has completed and the red wave iii is developing.
R3: 1.7305
R2: 1.7268
R1: 1.7232
Pivot: 1.7208
S1: 1.7184
S2: 1.7164
S3: 1.7144
Trading recommendation:
We are 50% long EUR from 1.7237 and has re-bought 50% at 1.7215 for an average price of 1.7226 with our stop placed at 1.7110.
The material has been provided by InstaForex Company – www.instaforex.com
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