Elliott wave analysis of EUR/NZD for August 22, 2017

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Wave summary:

We continue to look for more upside pressure towards 1.6236 and above here for continuation towards 1.6969 as the next larger target. On the way towards this target minor resistance will be seen at 1.6349 and again at 1.6636.

In the short term only an unexpected break below minor support at 1.6040, will delay the expected rally higher.

R3: 1.6349

R2: 1.6236

R1: 1.6197

Pivot: 1.6100

S1: 1.6084

S2: 1.6040

S3: 1.6000

Trading recommendation:

We bought EUR at 1.6125 and will place our stop at 1.6025.

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