Elliott wave analysis of EUR/NZD for August 1, 2017

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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