Elliott wave analysis of EUR/NZD for August 24, 2017

Wave summary:

EUR/NZD has rallied nicely as expected and has tested resistance at 1.6348. The rally in red wave iii does not appear to be complete yet and more upside closer to 1.6536 and possibly even closer to 1.6636 remains expected.

Short-term support is seen at 1.6289, which ideally will protect the downside for the expected continuation higher. Should support at 1.6289 be broken, backup support is seen at 1.6247.

R3: 1.6636

R2: 1.6536

R1: 1.6394

Pivot: 1.6300

S1: 1.6289

S2: 1.6247

S3: 1.6212

Trading recommendation:

We are long EUR from 1.6125 and will raise our stop to 1.6225. If you are not long EUR yet, then buy near 1.6289 and use the same stop at 1.6225.

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

Source:: Elliott wave analysis of EUR/NZD for August 24, 2017