Elliott wave analysis of EUR/NZD for August 11, 2017

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Wave summary:

EUR/NZD is accelerating higher as a series of wave threes now is expected to develop. With the test of the 1.6236 target, we might see a short-term consolidation just above 1.6050 before the next rally higher towards 1.6969 and above.

R3: 1.6470

R2: 1.6300

R1: 1.6236

Pivot: 1.6200

S1: 1.6100

S2: 1.6050

S3: 1.5921

Trading recommendation:

We are long EUR from 1.5510 and will move our stop higher to 1.5910. If you are not long EUR yet, then buy near 1.6100 and use the same stop at 1.5910.

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

Source:: Elliott wave analysis of EUR/NZD for August 11, 2017

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