Elliott wave analysis of EUR/NZD for May 5 – 2017

Wave summary:

The corrective low for wave [iv] was seen at 1.5645 and wave [v] higher is now unfolding. This rally should be able to rally towards minimum 1.6172 and ideally, will extend higher towards 1.6500 and 1.6655 to complete wave iii.

If, however, EUR/NZD fails to clear resistance at 1.6172 it will indicate that a sub-count is unfolding and the rally from 1.5054 will only be counted as sub-wave i/ of iii indicating a strong extension in wave iii.

R3: 1.6172

R2: 1.6072

R1: 1.6021

Pivot: 1.6000

S1: 1.5903

S2: 1.5810

S3: 1.5740

Trading recommendation:

We are long EUR at 1.5940 and will place our stop at 1.5840.

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

Source:: Elliott wave analysis of EUR/NZD for May 5 – 2017