Elliott wave analysis of EUR/NZD for August 7, 2017

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Wave summary:

As support at 1.5980 gave away the backup support at 1.5830 had to step up to the plate and it did as the low has been seen at 1.5832 and the next rally higher towards 1.6236 now should be seen. A break above minor resistance at 1.5996 will confirm the next rally higher towards 1.6236.

R3: 1.6154

R2: 1.6028

R1: 1.5996

Pivot: 1.5950

S1: 1.5885

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 1.5885 or upon a break above 1.5996 and place your stop at 1.5825.

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