FX.co ★ Elliott wave analysis of EUR/NZD for May 10, 2017

Wave summary:

We continue to look for a little more downside closer to 1.5645 to complete wave ii/ and set the stage for the next impulsive rally in wave iii/ to at least 1.6655. Short term, we expect minor resistance at 1.5861 to be able to cap the upside for the test of 1.5645.

Longer term, we continue to look for much higher levels with 1.9702 seen as the long-term minimum target.

R3: 1.6020

R2: 1.5958

R3: 1.5861

Pivot: 1.5800

S1: 1.5708

S2: 1.5645

S3: 1.5554

Trading recommendation:

We will buy EUR at 1.5665 or upon a break above 1.5861.