FX.co ★ Elliott wave analysis of EUR/NZD for May 29, 2018

EUR/NZD extended its decline to the 200% extension-target of the wave A/, which is seen at 1.6691. It's possible that we will revisit this low, but we should stay above the important support at 1.6670 for a new impulsive rally towards 1.6903 and above here there will be the first strong indication that the wave ii/ has bottomed and the wave iii/ above 1.7300 is developing.

A break below the important support at 1.6670 will question our bullish count and we will need to make a revision of our long-term count.

R3: 1.6903

R2: 1.6828

R1: 1.6782

Pivot: 1.6725

S1: 1.6700

S2: 1.6670

S3: 1.6642

Trading recommendation:

We are long EUR from 1.6815 and will place our stop at 1.6665. If you are not long EUR yet, then consider buying near 1.6691 or upon a break above 1.6903, and use the same stop at 1.6665.