FX.co ★ Elliott wave analysis of EUR/NZD for July 18, 2018

The expected correction in wave ii/ is developing like hoped. We will be looking for more downside pressure towards the 38.2% corrective target at 170.67. Normally a wave two correction would be deeper, but as we are in wave iii we should be aware that correction tends to be smaller than normal.

Longer term, we continue to look for much more upside with the next major upside target seen at 1.7979.

R3: 1.7329

R2: 1.7298

R1: 1.7233

Pivot: 1.7175

S1: 1.7132

S2: 1.7066

S3: 1.7026

Trading recommendation:

We are looking for EUR-buying opportunity near the end of this wave ii/ correction. If the corrective structure looks complete near 1.7067 we will buy near there.