03.08.201805:43 Forex Analysis & Reviews: Elliott wave analysis of EUR/NZD for August 3, 2018

Long-term review

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EUR/NZD is finally showing some strength. A break above resistance at 1.7205 seems imminent and a clear break above this resistance confirms that red wave iii higher to 1.7510 is in motion. Longer term much higher levels remain expected.

Short-term support now is seen at 1.7180 and again at 1.7130 but they will likely not come into play.

R3: 1.7305

R2: 1.7268

R1: 1.7207

Pivot: 1.7180

S1: 1.7130

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 resistance at 1.7205 and use the same stop at 1.7110.

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