Elliott wave analysis of EUR/NZD for August 14, 2018

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We are looking for red wave ii to complete in the 1.7196 – 1.7258 target-zone. Once this correction is complete a new impulsive rally to above 1.7487 is expected for a continuation higher to 1.7924 and 1.8369 as the next upside important upside targets.

Short-term only a break above minor resistance at 1.7356 will indicate that a corrective low has been seen for red wave ii and red wave iii is taking over for a rally to above 1.7487.

R3: 1.7487

R2: 1.7417

R1: 1.7355

Pivot: 1.7322

S1: 1.7258

S2: 1.7226

S3: 1.7196

Trading recommendation:

We will re-buy EUR at 1.7245 or upon a break above 1.7356.

The material has been provided by InstaForex Company – www.instaforex.com