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Elliott wave analysis of EUR/NZD for April 25, 2018

Posted On 25 Apr 2018
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Sub-wave v/ of wave i is extending and could move higher to 1.7265 before peaking and setting the stage for a correction in wave ii. This wave ii correction is expected to decline to at least 1.7015 and likely even closer to the 50% corrective target at 1.6967.

In the short-term, a break below minor support at 1.7165 will indicate, that the wave i has peaked and the wave ii is developing.

R3: 1.7344

R2: 1.7265

R1: 1.7217

Pivot: 1.7165

S1: 1.7124

S2: 1.7059

S3: 1.6998

Trading recommendation:

We sold EUR at 1.7165 with our stop placed at 1.7270.

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

Source:: Elliott wave analysis of EUR/NZD for April 25, 2018

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