Elliott wave analysis of EUR/NZD for May 2, 2018

EUR/NZD has spiked lower to 1.7055. We are still looking for a spike closer to support in the 1.7012 – 1.7032 area before turning higher again towards 1.7474 on the way to 1.8473 longer terms.

Short-term, we expect minor resistance at 1.7145 to be able to cap the upside for the final spike lower to 1.7012 but a break above 1.7145 will be a warning that wave ii/ already has completed, while a break above resistance at 1.7180 will confirm wave ii/ has completed and wave iii/ higher is developing.

R3: 1.7227

R2: 1.7202

R1: 1.7180

Pivot: 1.7145

S1: 1.7100

S2: 1.7055

S3: 1.7012

Trading recommendation:

We will buy EUR at 1.7025 or upon a break above 1.7145.

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

Source:: Elliott wave analysis of EUR/NZD for May 2, 2018