08.08.201805:30 Ανάλυση και κριτικές Forex: Elliott wave analysis of EUR/NZD for August 8, 2018

Long-term review

Exchange Rates 08.08.2018 analysis

EUR/NZD is once again testing important resistance at 1.7224, but we need a clear break above here to confirm that the next impulsive rally towards 1.7510 is in motion. As long as resistance at 1.7224 is able to cap the upside as long does the possibility for a final drop into the 1.7033 - 1.7066 area exist, before completing wave ii/.

Longer-term, we remain bullish EUR/NZD for a rally towards 1.8310 and ultimately higher towards 1.98 - 1.99 area.

R3: 1.7305

R2: 1.7251

R1: 1.7224

Pivot: 1.7187

S1: 1.7150

S2: 1.7115

S2: 1.7094

Trading recommendation:

We are long EUR from 1.7226 with our stop placed at 1.7110.

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

Torben Melsted,
Αναλυτικός εμπειρογνώμονας της InstaForex
© 2007-2021
Benefit from analysts’ recommendations right now
Top up trading account
Open trading account

InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.

Can't speak right now?
Ask your question in the chat.