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24.04.201708:05 Forex Analysis & Reviews: Elliott wave analysis of EUR/NZD for April 24 - 2017

Long-term review

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Wave summary:

After the expected minor correction to 1.5171 (the low came in at 1.5168), a strong rally above important resistance at 1.5347 has finally been seen to confirm that wave iii higher towards 1.6656 finally is developing.

The former important resistance at 1.5347 will now work as support for the next rally higher to 1.5764 on the way higher to 1.6656.

R3: 1.5764

R2: 1.5659

R1: 1.5516

Pivot: 1.5450

S1: 1.5347

S2: 1.5295

S3: 1.5168

Trading recommendation:

We are long EUR from 1.5350 and will move our stop higher to 1.5150. If you are not long EUR yet, then buy near 1.5347 and use the same stop at 1.5150.

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