Elliott wave analysis of EUR/NZD for May 7, 2018

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The corrective decline in wave ii/ could be complete and we are looking for a break above minor resistance at 1.7070 as the first strong indication that wave iii/ higher towards 1.7474 is developing.

Even if a final spike below support at 1.6998 is seen, back-up support is seen at 1.6965, which should be able to protect the downside for the next impulsive rally higher.

R3: 1.7148

R2: 1.7098

R1: 1.7070

Pivot: 1.7000

S1: 1.6965

S2: 1.6934

S3: 1.6895

Trading recommendation: Buy EUR upon a break above 1.7070 and place your stop at 1.6970.

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

Source:: Elliott wave analysis of EUR/NZD for May 7, 2018

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