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21.08.201711:04 Forex Analysis & Reviews: Elliott wave analysis of EUR/NZD for August 21 - 2017

Long-term review
This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

Exchange Rates 21.08.2017 analysis

Wave summary:

Another sideways consolidation is unfolding between 1.6010 to 1.6110. We favor a break above the resistance at 1.6110 for a rally to above 1.6236 confirming continuation higher towards 1.6969. A break of the support at 1.6010 will call for a move closer to 1.5920 before the renewed upside pressure should be expected.

R3: 1.6349

R2: 1.6236

R1: 1.1610

Pivot: 1.6050

S1: 1.6000

S2: 1.5920

S3: 1.5832

Trading recommendation:

We will buy EUR at 1.5950 or upon a break above 1.6125.

Torben Melsted
Analytical expert of InstaForex
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