Elliott wave analysis of EUR/NZD for April 26, 2018

EUR/NZD has now entered the target-area between 1.7217 – 1.7264 and wave i could peak anytime now for a corrective decline in wave ii towards at least 1.7037.

Short-term a break below minor support at 1.7181 will indicate that wave i has peaked and wave ii is developing, while a break below support at 1.7124 will confirm wave ii is developing.

Longer term much more upside remains expected here, with the next long-term target seen at 1.7479 on the way higher to 1.8473.

R3: 1.7344

R2: 1.7300

R1: 1.7265

Pivot: 1.7181

S1: 1.7124

S2: 1.7037

S3: 1.6998

Trading recommendation:

We are short EUR from 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 26, 2018