Elliott wave analysis of EUR/NZD for May 31, 2017

Source: Forex Analysis


Wave summary:

We continue to look for a dip below support seen at 1.5588, ideally closer to 1.5537, to complete the expanded flat correction and setting the stage for a new impulsive rally in wave iii/ towards 1.6655.

Short term, a break above minor resistance seen at 1.5869 and more importantly a break above resistance at 1.6002 will confirm wave iii/ higher is developing.

R3: 1.6088

R2: 1.6002

R1: 1.5869

Pivot: 1.5800

S1: 1.5660

S2: 1.5588

S3: 1.5537 – Target for wave ii/

Trading recommendation:

We are looking for re-buy EUR at 1.5550 or upon a break above 1.5869

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