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Elliott wave analysis of EUR/NZD for May 26 – 2017

Posted On 26 May 2017
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Wave summary:

We continue to look for signs confirming that a corrective low is in place with the test of 1.5852. A break above minor resistance seen at 1.6014 will be the first good indication that the corrective low of wave [ii] is in place and wave [iii] higher towards 1.6655 is developing.

R3: 1.6237

R2: 1.6154

R1: 1.6014

Pivot: 1.5975

S1: 1.5886

S2: 1.5852

S3: 1.5803

Trading recommendation:

We are long EUR from 1.5665 with stop placed at 1.5800. If you are not long EUR yet, then buy a break above 1.6014 and use the same stop at 1.5800.

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

Source:: Elliott wave analysis of EUR/NZD for May 26 – 2017

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