FX.co ★ Elliott wave analysis of EUR/NZD for May 1, 2018

EUR/NZD remains trapped in a minor corrective rally, but it should just be a matter of time before renewed downside pressure sets in for a decline closer to the 1.7012 - 7.7032 area to complete wave ii/ and set the stage for a new strong rally in wave iii/ towards 1.7474 and higher towards 1.8473.

R3: 1.7227

R2: 1.7202

R1: 1.7180

Pivot: 1.7125

S1: 1.7082

S2: 1.7052

S3: 1.7012

Trading recommendation:

Our close stop at 1.7170 was hit for a small loss of 34 pips. We will wait for wave ii/ near completion at 1.7012 before buying EUR again.