FX.co ★ Elliott wave analysis of EUR/NZD for May 15, 2018

EUR/NZD - 4 Hourly

The long-term uptrend from 1.4536 remains firmly in place. We are currently looking for a break above the neckline resistance at 1.7310 and more importantly a break above resistance at 1.7480 that triggers the two years S/H/S bottom for a continuation higher towards the measured target at 2.0010.

Zooming in on the shorter time-frame, we need a break above the base-channel resistance, currently near 1.7310 to accelerate wave iii/ of iii higher towards 1.7835 and possibly even higher.

Support is now seen at 1.7179.

R3: 1.7480

R2: 1.7342

R1: 1.7257

Pivot: 1.7251

S1: 1.7228

S2: 1.7203

S3: 1.7179

Trading recommendation:

We remain long EUR from 1.6964 and we will raise our stop to 1.7090. If you are not long EUR yet, then buy as close to important support at 1.7179 as possible and use the same stop.