Elliott wave analysis of EUR/NZD for August 16, 2017

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Wave summary:

EUR/NZD is now broken above resistance at 1.6236 as expected. A clear break above this resistance will confirm a continuation higher towards 1.6969 as the next larger upside target. On the way higher, minor resistance will be seen at 1.6349 and again at 1.6636.

The former resistance at 1.6263 should now act as support, with backup support at 1.6088.

R3: 1.6636

R2: 1.6470

R1: 1.6349

Pivot: 1.6236

S1: 1.6088

S2: 1.5982

S3: 1.5920

Trading recommendation:

We are long EUR from 1.5510 and will move our stop higher to 1.6050. If you are not long EUR yet, then buy near 1.6088 if possible or buy a clear break above 1.6236 and use the same stop at 1.6050.

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