Elliott wave analysis of EUR/NZD for August 17, 2017

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Wave summary:

Once again EUR/NZD failed to break above resistance at 1.6236, which keeps the consolidation in the 1.6065 - 1.6236 alive. We continue to look for a break above 1.6236 soon to confirm continuation higher towards 1.6969.

Should support at 1.6065 be broken that could delay the expected rally for a deeper and more complex correction in wave ii/.

R3: 1.6470

R2: 1.6349

R1: 1.6236

Pivot: 1.6100

S1: 1.6065

S2: 1.5921

S3: 1.5840

Trading recommendation:

WE are long EUR from 1.5510 with stop placed at 1.6050. If you are not long EUR yet, then buy a break above 1.6236 and start by using the same stop at 1.6050.

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