Elliott wave analysis of EUR/NZD for April 20, 2017

Wave summary:

The falling channel from 1.5486 is still defining the price action here. As long as the resistance line near 1.5317 is holding firm, we still could see more downside pressure towards 1.4990 to complete wave ii. Otherwise a direct break above 1.5317 will indicate that wave ii is already completed with the test of 1.5085, while a break above 1.5347 will confirm this to be the case for the next impulsive rally higher towards 1.5837 and above.

R3: 1.5347

R2: 1.5317

R1: 1.5250

Pivot: 1.5225

S1: 1.5170

S2: 1.5120

S3: 1.5096

Trading recommendation:

We will buy EUR at 1.5005 if possible, otherwise we will buy a break above 1.5347.

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

Source:: Elliott wave analysis of EUR/NZD for April 20, 2017