Elliott wave analysis of EUR/NZD for May 22, 2017

Wave summary: EUR/NZD continues to gain a little, but we are still not seeing the expected acceleration, which is a bit of a concern. That said, we will continue to look for more upside and ideally acceleration higher towards 1.6655 as long as minor support at 1.5987 is able to protect the downside. A break below 1.5987 will delay the expected upside pressure, but likely only for a test of 1.5836 before pushing higher again.

R3: 1.6445 R2: 1.6354 R1: 1.6237 Pivot: 1.6150 S1: 1.6086 S2: 1.5987 S3: 1.5908

Trading recommendation:
We are long EUR from 1.5665 with stop placed at 1.5800. If you are not long EUR yet, then buy near 1.5987 and use the same stop at 1.5800.

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