Elliott wave analysis of EUR/NZD for August 30, 2018


Finally short-term important resistance at 1.7484 gave away. This has opened up the upside for a continuation higher to 1.7820 on the way higher towards the next important target at 1.8369.

The break above resistance at 1.7484 also completes the huge S/H/S bottom that has been building over the last three years. The ideal target for this huge bottom-formation is seen near 2.0000 so there is still a lot of upside to cover here.

R3: 1.7820

R2: 1.7714

R1: 1.7668

Pivot: 1.7484

S1: 1.7435

S2: 1.7398

S3: 1.7371

Trading recommendation:

We remain long EUR from 1.7330 and will move our stop higher to 1.7410.

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