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FX.co ★ Elliott wave analysis of EUR/NZD for May 3 - 2017

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Forex Analysis:::2017-05-03T05:19:10

Elliott wave analysis of EUR/NZD for May 3 - 2017

Elliott wave analysis of EUR/NZD for May 3 - 2017

Wave summary;

The correction in wave [iv] is likely to be extending now, which means we are likely to see a small bounce towards 1.5865 before the final decline towards 1.5541 to complete wave [iv] and setting the stage for the next impulsive rally in wave [v] with an ideal target seen at 1.6655.

R3: 1.5900

R2: 1.5865

R1: 1.5804

Pivot: 1.5725

S1: 1.5644

S2: 1.5541

S3: 1.5463

Trading recommendation:

We bought EUR at 1.5686 and will place our stop at 1.5640. We will take profit at 1.5850.

Analyst InstaForex
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