Elliott wave analysis of EUR/NZD for August 4, 2017

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Wave summary:

We continue to look for support near 1.5988 for the next rally higher towards 1.6236. Should a break below the minor support at 1.5988 be seen backup support, is located just below at 1.5830 and should be able to protect the downside for the expected rally higher?

Longer-term, even more, upside pressure remains expected towards 1.7298 and 1.8450 as the next upside targets.

R3: 1.6236

R2: 1.6154

R1: 1.6030

Pivot: 1.5977

S1: 1.5880

S2: 1.5830

S3: 1.5779

Trading recommendation:

We are long EUR from 1.5510 with stop placed at 1.5770. If you are not long EUR yet, then buy near 1.5880 if possible and use the same stop at 1.5770.

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