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Elliott wave analysis of EUR/NZD for May 29, 2017

analytics592a8b0b557a8.png

Wave summary:

The break below support seen at 1.5803 has forced us to change the short-term count slightly. This new count indicates that wave ii/ still is unfolding as an expanded flat correction. This calls for a move slightly lower to 1.5537 in wave c of ii/ before renewed upside pressure should be expected in wave iii/.

Short-term only a direct break above resistance, seen at 1.5985, will indicate that wave ii/ has completed and wave iii/ higher is developing.

R3: 1.6079

R2: 1.5985

R1: 1.5879

Pivot: 1.5800

S1: 1.5753

S2: 1.5689

S3: 1.5537

Trading recommendation:

Our stop at 1.5800 was hit for a 135 point profit. We will re-buy EUR at 1.5550 or upon a break above 1.5985.

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