Elliott wave analysis of EUR/NZD for August 1, 2018

EUR/NZD tried to break above short-term important resistance at 1.7205 but failed. We think it is just a matter of time before a new attempt to break above this resistance is seen. A firm break above resistance at 1.7205, will confirm that red wave ii has completed and that red wave iii towards 1.7510 and above is developing.

Short-term, support remains seen at 1.7134 and 1.7116. The later should continue to protect the downside for the expected break above 1.7205. An unexpected break below 1.7116, will indicate that black wave ii/ still is in motion for a spike lower to 1.7066 before turning higher in black wave iii/.

R3: 1.7268
R2: 1.7207
R1: 1.7185
Pivot: 1.7165
S1: 1.7137
S2: 1.7116
S3: 1.7106

Trading recommendation:
We are long EUR from 1.7226 with our stop placed at 1.7110. If you are not long EUR yet, then buy a break above 1.7205 and use the same stop at 1.7110.

Analysis are provided by InstaForex