FX.co ★ Elliott wave analysis of EUR/NZD for May 22, 2018

EUR/NZD is now close to completing wave c/ of ii/. The ideal target for wave c/ of ii/ is seen at 1.6922. We have already seen red wave v of c/ test 1.6942, so a bottom is expected anytime now., but as long as minor resistance at 1.6998 is able to cap the upside, we will be looking for a final dip to test the target at 1.6922 before completing wave c/.

If, however resistance at 1.6998 is broken that will be the first strong indication that wave c/ and ii/ has completed, while a break above resistance at 1.7048 will confirm wave ii/ has completed and wave iii/ higher to at least 1.7474 is developing.

R3: 1.7048

R2: 1.6998

R1: 1.6975

Pivot: 1.6960

S1: 1.6941

S2: 1.6922

S3: 1.6881

Trading recommendation:

We will buy EUR at 1.6930 or upon a break above minor resistance at 1.6998.