Elliott wave analysis of EUR/NZD for August 21, 2018

analytics5b7b83eac8a4e.png

EUR/NZD is finally showing signs of strength again, We still need a clear break above resistance at 1.7355 to confirm that red wave ii has completed and red wave iii is developing to above 1.7484 for a continuation higher towards 1.7924 and 1.8369 as the next important upside targets.

Support is now seen at 1.7269 and again at 1.7231. The later should ideally be able to protect the downside for the expected break above resistance at 1.7355.

R3: 1.7484

R2: 1.7417

R1: 1.7355

Pivot: 1.7310

S1: 1.7292

S2: 1.7269

S3: 1.7231

Trading recommendation:

We are long EUR at 1.7245 and we will move our stop higher to 1.7225.

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