Elliott wave analysis of EUR/NZD for August 20, 2018

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Nothing happening here. The range-trading between 1.7220 and 1.7310 continues to dominate the picture. We continue to look for a break above resistance at 1.7310 and more importantly a break above resistance at 1.7355 that confirms red wave ii has completed and red wave iii has taken over for the next impulsive rally towards 1.7924 and 1.8369 as the next larger upside targets.

R3: 1.7484

R2: 1.7417

R1: 1.7355

Pivot: 1.7310

S1: 1.7270

S2: 1.7243

S3: 1.7220

Trading recommendation:

We are long EUR from 1.7245 with our stop placed at 1.7215.

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