empty
 
 
16.05.2018 06:00 AM
Elliott wave analysis of EUR/NZD for May 16, 2018

This image is no longer relevant

EUR/NZD - 4 Hourly

We are looking for a clear break above the resistance at 1.7310, to confirm upside acceleration towards 1.7474 and 1.7832 as the next upside targets.

A break above the resistance at 1.7310 will also trigger the two year long S/H/S bottom, which has a measured target at 2.0010.

In the short-term, we are looking for support in the 1.7154 - 1.7184 area for a break above minor resistance at 1.7280 that confirms renewed upside pressure and likely a break above important resistance at 1.7310.

R3: 1.7310

R2: 1.7280

R1: 1.7230

Pivot: 1.7200

S1: 1.7184

S2: 1.7154

S3: 1.7121

Trading recommendation:

We remain long EUR from 1.6964 with our stop placed at 1.7090. If you are not long EUR yet, then buy near 1.7154 and use the same stop at 1.7090.

Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $8000 more!
    In March we raffle $8000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS

Recommended Stories

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