Elliott wave analysis of EUR/NZD for May 18, 2017

Wave summary:

We are still looking for upside acceleration towards the next upside target seen at 1.6655 and expect minor support seen at 1.5960 to continue to protect the downside for a clear break above 1.6154. This confirms the expected rally higher to 1.6655.

A break below minor support at 1.5960 would be a bit troublesome, but will only delay the expected rally higher for a move closer to 1.5803 before the next rally higher is expected.

R3: 1.6354

R2: 1.6200

R1: 1.6154

Pivot: 1.6020

S1: 1.5960

S2: 1.5803

S3: 1.5764

Trading recommendation:

We are long EUR from 1.5665 with stop placed at 1.5800. If you are not long EUR yet, then buy near 1.5960 and use the same stop at 1.5800.

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