Elliott wave analysis of EUR/NZD for July 30, 2018

We continue to expect support at 1.1716 will be able to protect the downside for a break above resistance at 1.7207 that confirms, that red wave ii has completed and that red wave iii towards 1.7510 and above is developing.

An unexpected break below support at 1.7116 will tell us that the correction in black wave ii/ still is in motion for a continuation closer to 1.7067 before a possible corrective low should be in place.

R3: 1.7268
R2: 1.7207
R1: 1.7163
Pivot: 1.7137
S1: 1.7116
S2: 1.7067
S3: 1.7033

Trading recommendation:
We are long EUR from 1.7226, with our stop placed at 1.7110. If you are not long EUR, the buy a break above 1.7207 and use the same stop at 1.7110.

Analysis are provided by InstaForex