Elliott wave analysis of EUR/NZD for July 4, 2017

analytics595b222a0152c.png

Wave summary:

The break above minor resistance at 1.5639 indicates that red wave ii completed already at 1.5503 and red wave iii towards at least 1.6232 now is developing.

Short-term, we would like to see a firm break above minor resistance at 1.5712 as confirmation that red wave ii indeed has completed and red wave iii is developing.

R3: 1.5931

R2: 1.5801

R1: 1.5712

Pivot: 1.5650

S1: 1.5566

S2: 1.5500

S3: 1.5450

Trading recommendation:

We are long EUR from 1.5645 with stop placed at 1.5210. Upon a break above 1.5712 our stop will be moved higher to 1.5450.

The material has been provided by InstaForex Company - www.instaforex.com