FX.co ★ Elliott wave analysis of EUR/NZD for May 19, 2017

Wave summary:

We continue to look for a strong break above minor resistance seen at 1.6154 to add upside acceleration towards the next target seen at 1.6655. Short term, we expect minor support near 1.6033 max. 1.5987 to be able to protect the downside for the break above 1.6154.

Only a direct break below support at 1.5987 will delay the expected rally higher.

R3: 1.6354

R2: 1.6200

R1: 1.6154

Pivot: 1.6100

S1: 1.6033

S2: 1.5987

S3: 1.5803

Trading recommendation:

We are long EUR from 1.5665 with stop placed at 1.5800. If you are not long EUR yet, then buy a break above 1.6154 and place your stop at 1.5985.