Elliott wave analysis of EUR/NZD for August 28, 2017

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EUR/NZD - Daily

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EUR/NZD - 4 Hourly

Wave summary:

EUR/NZD continues to rally nicely towards the 1.6636 target, this resistance should only prove to be a minor bump on the way higher towards the 1.6969 target. Longer term, we are looking for even higher levels, with 1.7038 seen as the next upside target once resistance at 1.6969 is cleared too.

Support is now seen at 1.6330 and is expected to protect the downside for the rally to 1.6636 and above.

R3: 1.7038

R2: 1.6969

R1: 1.6711

Pivot: 1.6500

S1: 1.6440

S2: 1.6366

S3: 1.6330

Trading recommendation:

We are long EUR from 1.6150. We will move our stop higher to 1.6275. If you are not long EUR yet, then buy near 1.6330 and use the same stop at 1.6275.

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