Elliott wave analysis of EUR/NZD for April 25б 2017

Wave summary:

EUR/NZD is now accelerating higher, which is exactly what we would expect from wave iii. We would likely to see the base-channel resistance-line near 1.5765 be broken too as that will add confidence in wave iii developing and call for even more upside acceleration higher towards the first extension target for wave iii target at 1.6656.

Support is now seen at 1.5500 and again at 1.5357.

R3: 1.6069

R2: 1.5837

R1: 1.5765

Pivot: 1.5660

S1: 1.5500

S2: 1.5357

S3: 1.5176

Trading recommendation:

We are long EUR from 1.5350 and we will move our stop higher to break-even. If you are not long EUR yet, the buy near 1.5500 and use the same stop.

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

Source:: Elliott wave analysis of EUR/NZD for April 25б 2017