Elliott wave analysis of EUR/NZD for May 12, 2017
- By Admin
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Wave summary:
We would like to see a slightly deeper correction in wave [ii] closer to 1.5764 and maybe even down to 1.5722 before the next impulsive rally towards 1.6655. That said, we need to be aware that the minimum target for the correction in wave [ii] has been reached and a direct rally higher towards 1.6655 can not be excluded at this point.
R3: 1.6469
R2: 1.6200
R1: 1.6040
Pivot: 1.5900
S1: 1.5806
S2: 1.5766
S3: 1.5722
Trading recommendation:
We are long EUR from 1.5665 with stop placed at 1.5585. If you are not long EUR yet, then buy near 1.5722 and use the same stop at 1.5585
The material has been provided by InstaForex Company - www.instaforex.com
