Elliott wave analysis of EUR/NZD for May 4, 2018

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EUR/NZD stopped just below our 1.7012 corrective target. We could still see a final spike to just below 1.6998, but it should be short lived and quickly surrender to a new impulsive rally above minor resistance at 1.7100, that confirms a corrective low is in place and a new rally higher to 1.7474 is developing.

R3: 1.7116

R2: 1.7100

R1: 1.7070

Pivot: 1.6998

S1: 1.6963

S2: 1.6928

S3: 1.6895

Trading recommendation:

We bought EUR at 1.7025 and will place our stop at 1.6925.

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