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Elliott wave analysis of EUR/NZD for April 30 – 2018

Posted On 30 Apr 2018
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EUR/NZD is currently correcting the rally from 1.6671 to 1.7257. This corrective decline should continue lower to support near 1.6964 from where a new impulsive rally is expected towards 1.7474 and higher towards 1.8473 in a longer term.

The short-term resistance is seen at 1.7169, which is expected to cap the upside for the final stab lower to 1.6964.

R3: 1.7227

R2: 1.7202

R1: 1.7169

Pivot: 1.7125

S1: 1.7082

S2: 1.7052

S3: 1.6990

Trading recommendation:

Our breakeven stop at 1.7165. We will sell EUR here at 1.7136 with our stop placed at 1.7170 and take profit + revers placed at 1.6980.

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

Source:: Elliott wave analysis of EUR/NZD for April 30 – 2018

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