Elliott wave analysis of EUR/NZD for August 28, 2018

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We still need a clear break above short-term important resistance at 1.7484 to open up the upside for a rally towards 1.7821 and beyond.

Short-term support is seen at 1.7352 which ideally will protect the downside for the expected test and possible break above resistance at 1.7484 for a continuation higher. If however, support at 1.7352 is broken, that will extend the correction in red wave ii and likely call for a retest of 1.7266 before turning higher again.

R3: 1.7668

R2: 1.7578

R1: 1.7484

Pivot: 1.7416

S1: 1.7425

S2: 1.7352

S3: 1.7339

Trading recommendation:

We are long EUR from 1.7330 and we will raise our stop to break-even.

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