Elliott wave analysis of EUR/NZD for August 7, 2018

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Our preferred count remains that support at 1.7115 continues to protect the downside for a break above resistance at 1.7224 for a continuation higher towards 1.7510 and longer term much higher towards 1.8310.

However, as long as resistance at 1.7224 is able to cap the upside, the alternate count does allow for a slightly deeper corrective decline from 1.7384 towards the 1.7033 - 1.7066 area before completing wave ii/ and setting the stage for the next impulsive rally in wave iii/.

R3: 1.7224

R2: 1.7180

R1: 1.7155

Pivot: 1.7137

S1: 1.7115

S2: 1.7094

S3: 1.7066

Trading recommendation:

We are long EUR from 1.7226 with our stop placed at 1.7110.

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