Elliott wave analysis of EUR/NZD for August 10, 2018

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After some sideways consolidation between 1.7352 - 1.7448 more upside will be expected towards the next minor upside targets at 1.7924 on the way higher towards 1.8369 and 1.8423.

Support is now seen at 1.7404 and again at 1.7352. Ideally the later will be able to protect the downside for a clear break above 1.7480 confirming the next part of the uptrend towards 1.7924.

Only a break below support at 1.7301 will question the expected rally higher.

R3: 1.7667

R2: 1.7564

R1: 1.7480

Pivot: 1.7437

S1: 1.7404

S2: 1.7388

S3: 1.7352

Trading recommendation:

We are long EUR from 1.7226 and we will raise our stop to 1.7275.

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