Elliott wave analysis of EUR/NZD for August 24, 2018

EUR/NZD has finally broken above short-term important resistance at 1.7355. This former resistance should now act as support if a re-test is needed.

The break above resistance at 1.7355 should have paved the way for a continuation higher towards 1.7484 on the way towards 1.7924 and 1.8369 as the next important upside targets. EUR/NZD is now in a position where it could start accelerate quiet powerfully higher, but we think a clear break above 1.7484 will be needed to see the expected upside acceleration.

R3: 1.7668
R2: 1.7578
R1: 1.7484
Pivot: 1.7366
S1: 1.7355
S2: 1.7325
S3: 1.7281

Trading recommendation:
We bought EUR at 1.7330 and we have placed our stop at 1.7275.

Analysis are provided by InstaForex