Elliott wave analysis of EUR/NZD for May 12, 2017

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Wave summary:

We would like to see a slightly deeper correction in wave [ii] closer to 1.5764 and maybe even down to 1.5722 before the next impulsive rally towards 1.6655. That said, we need to be aware that the minimum target for the correction in wave [ii] has been reached and a direct rally higher towards 1.6655 can not be excluded at this point.

R3: 1.6469

R2: 1.6200

R1: 1.6040

Pivot: 1.5900

S1: 1.5806

S2: 1.5766

S3: 1.5722

Trading recommendation:

We are long EUR from 1.5665 with stop placed at 1.5585. If you are not long EUR yet, then buy near 1.5722 and use the same stop at 1.5585

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

Source:: Elliott wave analysis of EUR/NZD for May 12, 2017

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