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22.08.201710:01 Forex Analysis & Reviews: Elliott wave analysis of EUR/NZD for August 22, 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 22.08.2017 analysis

Wave summary:

We continue to look for more upside pressure towards 1.6236 and above here for continuation towards 1.6969 as the next larger target. On the way towards this target minor resistance will be seen at 1.6349 and again at 1.6636.

In the short term only an unexpected break below minor support at 1.6040, will delay the expected rally higher.

R3: 1.6349

R2: 1.6236

R1: 1.6197

Pivot: 1.6100

S1: 1.6084

S2: 1.6040

S3: 1.6000

Trading recommendation:

We bought EUR at 1.6125 and will place our stop at 1.6025.

Torben Melsted
Analytical expert of InstaForex
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