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Elliott wave analysis of EUR/NZD for May 25, 2017

Posted On 25 May 2017
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Wave summary:

After an almost perfect test of the 61.8% corrective target 1.5836 (the low has been seen at 1.5852), a corrective low should be in place for a break above minor resistance seen at 1.6014 and more importantly a break above resistance at 1.6093 that confirms renewed upside pressure towards 1.6655 and above in the longer term.

R3: 1.6237

R2: 1.6154

R1: 1.6014

Pivot: 1.5996

S1: 1.5886

S2: 1.5852

S3: 1.5803

Trading recommendation:

We are long EUR from 1.5665 with stop placed at 1.5800. If you are not long yet, then buy a break above 1.6014 and use the same stop at 1.5800.

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

Source:: Elliott wave analysis of EUR/NZD for May 25, 2017

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