FX.co ★ Elliott wave analysis of EUR/NZD for May 2, 2017

Wave summary:

Wave [iii] completed slightly lower than expected at 1.5940 and wave [iv] declined to 1.5686. Wave [v] higher towards 1.6655 could now be developing. It's possible that wave [iv] needs a little more time and sideways movement to get completed, but once it happens, a strong rally higher towards 1.6655 should be expected.

R3: 1.6485

R2: 1.6115

R1: 1.6000

Pivot: 1.5800

S1: 1.5714

S2: 1.5685

S3: 1.5590

Trading recommendation:

Our stop at 1.5705 was hit with a hefty profit of 355 pips. We will buy EUR again at 1.5686 or upon a break above 1.5900.