Elliott wave analysis of EUR/NZD for May 15, 2017

Wave summary:

The corrective decline in wave [ii] could have completed with the test of 1.5796 and if this is the case, then we should soon seen a strong rally beyond 1.6020 towards 1.6655. That said, we have to take into consideration that the correction in wave [ii] will need a little longer to unfold and in this case, we will need to allow for a move closer to 1.5764 before wave [iii] takes over for the next impulsive rally higher.

R3: 1.6469

R2: 1.6200

R1: 1.6020

Pivot: 1.5900

S1: 1.5843

S2: 1.5795

S3: 1.5764

Trading recommendation:

We are long EUR from 1.5665 with stop placed at 1.5885. If you are not long EUR yet, then buy EUR near 1.5764 or upon a break above 1.6020 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 15, 2017