FX.co ★ Elliott wave analysis of EUR/NZD for March 28, 2018

Important resistance at 1.7100 continues to block the upside and the expected rally higher towards 1.7536 and 1.7744 as the next major targets.

In the short-term, we could see more consolidation just below 1.7100, but ultimately this resistance is expected to be broken for a continuation of the rally that began way back in February 2017.

Only an unexpected break below support at 1.6810 will extend the correction in wave in wave (ii), but this is not our preferred outcome.

R3: 1.7479

R2: 1.7249

R1: 1.7100

Pivot: 1.7025

S1: 1.6986

S2: 1.6918

S3: 1.6827

Trade recommendation:

We will buy EUR at 1.7030 or upon a break above 1.7100