Elliott wave analysis of EUR/NZD for August 27, 2018

analytics5b836d962be25.png

We continue to look higher here. A clear break above resistance at 1.7484 will open up the upside for a rally towards 1.7821 and more likely closer to resistance at 1.7924 before the next corrective consolidation is expected.

Support is seen at 1.7339, which ideally will protect the downside for a break above minor resistance at 1.7416, that will call for a more firm test of important resistance at 1.7484.

R3: 1.7668

R2: 1.7578

R1: 1.7484

Pivot: 1.7416

S1: 1.7356

S2: 1.7339

S3: 1.7281

Trading recommendation:

We are long EUR from 1.7330 with our stop placed at 1.7275.

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