Elliott wave analysis of EUR/NZD for July 31, 2018

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There is nothing new to add here. We need a break above resistance at 1.7205 to confirm a corrective low is in place for a rally towards 1.7305 on the way higher towards 1.7510 and 1.7970.

Support remains seen near 1.7116 and will ideally continue to protect the downside for the expected break above 1.7205. If, however, support at 1.7116 is broken that will indicate that black wave ii/ still is in motion and extend the corrective decline closer to 1.7066 before turning higher.

R3: 1.7268

R2: 1.7207

R1: 1.7163

Pivot: 1.7137

S1: 1.7116

S2: 1.71067

S3: 1.7033

Trading recommendation:

We are long EUR from 1.7226 with our stop placed at 1.7110. If you are not long EUR yet, then buy a break above resistance at 1.7205 and use the same stop at 1.7110.

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