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Elliott wave analysis of EUR/NZD for May 8, 2018

Posted On 08 May 2018
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EUR/NZD has extended its corrective decline to 1.6954. However, the waning momentum indicates that an important low should be near. To confirm that a low has been seen, we need a break above the minor resistance at 1.7048 and, more importantly, above the resistance at 1.7070 that confirm the corrective decline in the wave ii/ has completed and the wave iii/ higher towards 1.7474 is developing.

R3: 1.7070

R2: 1.7048

R1: 1.6999

Pivot: 1.6964

S1: 1.6954

S2: 1.6931

S3: 1.6895

Trading recommendation:

Buy EUR near 1.6964 or upon a break above 1.7048 and place your stop at 1.6875.

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

Source:: Elliott wave analysis of EUR/NZD for May 8, 2018

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