Elliott wave analysis of EUR/NZD for August 10, 2017

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Wave summary:

EUR/NZD continues to work its way higher towards the expected target at 1.6236. This resistance should only be able to provide temporary resistance, before the next swing higher towards 1.6969.

Short-term support is now seen at 1.6005 and again at 1.5920.

R3: 1.6236

R2: 1.6196

R1: 1.6081

Pivot: 1.6050

S1: 1.6005

S2: 1.5959

S3: 1.5920

Trading recommendation:

We are long EUR from 1.5510 with stop placed at 1.5825. If you are not long EUR yet, then buy near 1.6005 and use the same stop at 1.5825.

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