Elliott wave analysis of EUR/NZD for May 22, 2017

Wave summary: EUR/NZD continues to gain a little, but we are still not seeing the expected acceleration, which is a bit of a concern. That said, we will continue to look for more upside and ideally acceleration higher towards 1.6655 as long as minor support at 1.5987 is able to protect the downside. A break below 1.5987 will delay the expected upside pressure, but likely only for a test of 1.5836 before pushing higher again.

R3: 1.6445 R2: 1.6354 R1: 1.6237 Pivot: 1.6150 S1: 1.6086 S2: 1.5987 S3: 1.5908

Trading recommendation:
We are long EUR from 1.5665 with stop placed at 1.5800. If you are not long EUR yet, then buy near 1.5987 and use the same stop at 1.5800.

Transaction en cours