FX.co ★ Elliott wave analysis of EUR/NZD for August 25, 2017

Wave summary:

EUR/NZD is consolidating near minor resistance at 1.6348, but it should only be a matter of time before this resistance is cleared and the uptrend continues towards 1.6636 and 1.6969.

Short-term support is seen at 1.6288, which is expected to protect the downside for the next rally higher towards 1.6636.

R3: 1.6636

R2: 1.6536

R1: 1.6394

Pivot: 1.6300

S1: 1.6289

S2: 1.6247

S3: 1.6212

Trading recommendation:

We are long EUR from 1.6125 with stop placed at 1.6225. If you are not long EUR yet, then buy near 1.6289 and use the same stop at 1.6225.