Elliott wave analysis of EUR/NZD for August 3, 2017

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Wave summary:

EUR/NZD continues to rally as expected and should continue to move higher towards the next target at 1.6236. Support is now seen at the former resistance at 1.5880. This support should ideally protect the downside for the expected rally higher.

R3: 1.6236

R2: 161.54

R1: 1.6030

Pivot: 1.5977

S1: 1.5880

S2: 1.5830

S3: 1.5779

Trading recommendation:

We are long EUR from 1.5510. We will move our stop higher to 1.5770. If you are not long EUR yet, then buy near 1.5880 and use the same stop at 1.5770.

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