Elliott wave analysis of EUR/NZD for January 16, 2017
January 16, 2017 6:21 am
Wave summary;
EUR/NZD tried to take out minor resistance at 1.5007, but failed at 1.5003, which has kept the short-term pressure to the downside, but a low should is most likely in place at 1.4841, but we still need a break above 1.5007 to confirm this is the case. A break above 1.5007 will call for a continuation higher towards 1.5193 and a break above here will leave no doubt that the correction in wave ii/ finally has completed and more upside towards 1.5837 is unfolding.
R3: 1.5143
R2: 1.5045
R1: 1.5007
Pivot: 1.4966
S1: 1.4897
S2: 1.4841
S3: 1.4811
Trading recommendation:
Our stop at 1.4850 was hit. We will only buy a break above 1.5007.
The material has been provided by InstaForex Company – www.instaforex.com Source: Instaforex.com
Wave summary;
EUR/NZD tried to take out minor resistance at 1.5007, but failed at 1.5003, which has kept the short-term pressure to the downside, but a low should is most likely in place at 1.4841, but we still need a break above 1.5007 to confirm this is the case. A break above 1.5007 will call for a continuation higher towards 1.5193 and a break above here will leave no doubt that the correction in wave ii/ finally has completed and more upside towards 1.5837 is unfolding.
R3: 1.5143
R2: 1.5045
R1: 1.5007
Pivot: 1.4966
S1: 1.4897
S2: 1.4841
S3: 1.4811
Trading recommendation:
Our stop at 1.4850 was hit. We will only buy a break above 1.5007.
The material has been provided by InstaForex Company – www.instaforex.com
Source: Instaforex.com
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