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26.04.201708:07 Forex Analysis & Reviews: Elliott wave analysis of EUR/NZD for April 26, 2017

Long-term review

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Wave summary:

The base-channel resistance line near 1.5765 is now behind us and wave iii should continue to accelerate higher towards the 166.56 target. Upon a break above 1.5834, the next minor resistance on the way higher will be seen at 1.6115.

As we are in wave iii of 3, we should be aware that corrections can be small and even sub-normal, so stay with the trend higher.

R3: 1.6485

R2: 1.6115

R1: 1.5834

Pivot: 1.5800

S1: 1.5765

S2: 1.5728

S3: 1.5670

Trading recommendation:

We are long EUR from 1.5350 and will move our stop higher to 1.5650. If you are not long EUR yet, then buy near 1.5765 and use the same stop at 1.5650.

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