FX.co ★ Elliott wave analysis of EUR/NZD for May 3, 2018

The corrective decline from 1.7257 continues to move closer to the expected corrective target in the 1.7012 - 1.7032 area. Once this correction in wave ii/ is complete a new impulsive rally higher towards 1.7474 is expected on the way higher to the first long-term target at 1.8473.

Short-term, only a break above minor resistance at 1.7145 and more importantly a break above resistance at 1.7180 will confirm that wave ii/ has completed and wave iii/ is developing.

R3: 1.7180

R2: 1.7145

R1: 1.1716

Pivot: 1.7084

R1: 1.7032

R2: 1.7012

R3: 1.6989

Trading recommendation:

We have placed a EUR-buy order at 1.7025.