FX.co ★ Elliott wave analysis of EUR/NZD for April 27, 2018

EUR/JPY - 4 Hourly

EUR/NZD peaked at 1.7257 and we should now see a correction towards at least 1.7033 and likely even closer to the 50% corrective target at 1.6964.

Once this correction is complete, we expect the long-term uptrend to be re-railed for the next rally higher towards 1.7479 on the way towards 1.8473 and ultimately the long-term target near 1.9844, which also marks the 50% corrective target of the decline from 2.5773 to 1.3880.

R3: 1.7191

R2: 1.7166

R1: 1.7145

Pivot: 1.7120

S1: 1.7089

S2: 1.7050

S3: 1.7033

Trading recommendation:

We sold EUR at 1.7165 and will move our stop lower to breakeven at 1.7165.