Elliott wave analysis of EUR/NZD for May 16, 2018

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EUR/NZD – 4 Hourly

We are looking for a clear break above the resistance at 1.7310, to confirm upside acceleration towards 1.7474 and 1.7832 as the next upside targets.

A break above the resistance at 1.7310 will also trigger the two year long S/H/S bottom, which has a measured target at 2.0010.

In the short-term, we are looking for support in the 1.7154 – 1.7184 area for a break above minor resistance at 1.7280 that confirms renewed upside pressure and likely a break above important resistance at 1.7310.

R3: 1.7310

R2: 1.7280

R1: 1.7230

Pivot: 1.7200

S1: 1.7184

S2: 1.7154

S3: 1.7121

Trading recommendation:

We remain long EUR from 1.6964 with our stop placed at 1.7090. If you are not long EUR yet, then buy near 1.7154 and use the same stop at 1.7090.

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

Source:: Elliott wave analysis of EUR/NZD for May 16, 2018

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