FX.co ★ Elliott wave analysis of EUR/NZD for May 18, 2017

Wave summary:

We are still looking for upside acceleration towards the next upside target seen at 1.6655 and expect minor support seen at 1.5960 to continue to protect the downside for a clear break above 1.6154. This confirms the expected rally higher to 1.6655.

A break below minor support at 1.5960 would be a bit troublesome, but will only delay the expected rally higher for a move closer to 1.5803 before the next rally higher is expected.

R3: 1.6354

R2: 1.6200

R1: 1.6154

Pivot: 1.6020

S1: 1.5960

S2: 1.5803

S3: 1.5764

Trading recommendation:

We are long EUR from 1.5665 with stop placed at 1.5800. If you are not long EUR yet, then buy near 1.5960 and use the same stop at 1.5800.