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20.07.201805:20 Forex Analysis & Reviews: Elliott wave analysis of EUR/NZD for July 20, 2018

Long-term review

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We have seen a strong impulsive rally from 1.7116, which took out resistance at 1.7236 as nothing was there. This break indicated that a premature low had been seen and wave iii/ higher towards 1.7668 already had begun.

The very short-term structure shows, that a minor five wave rally has been seen from 1.7116 to 1.7305 indicating that a small correction towards 1.7188 - 1.7233 area should be seen now before the next impulsive rally higher to 1.7668 begins.

R3: 1.7345

R2: 1.7327

R1: 1.7305

Pivot: 1.7255

S1: 1.7233

S2: 1.7211

S3: 1.7188

Trading recommendation:

We bought EUR at 1.7237. We will take half profit here at 1.7275 and re-buy EUR at 1.7215. We have placed our stop at 1.7110.

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