Elliott wave analysis of EUR/NZD for March 29, 2018

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We continue to look for a strong break above resistance at 1.7100 to confirm the next part of the rally higher to 1.7536 and 1.7744 on the way towards the next major target at 1.8437.

We have already seen some minor breaks above resistance at 1.7100, but they have not been sustained and therefore can not be viewed as valid breaks. Short-term minor support at 1.7047 ideally will be able to protect the downside for a sustained break above 1.7100, but should this support be broken that will extend wave ii/ and likely call for a dip to 1.6942 before tuning higher again.

R3: 1.7479

R2: 1.7249

R1: 1.7100

Pivot: 1.7047

S1: 1.7025

S2: 1.6986

S3: 1.6942

Trading recommendation:

We have bought EUR at 1.7030 and have placed our stop at 1.7000. I our stop is hit a new EUR buy-order will be placed at 1.6955.

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