Elliott wave analysis of EUR/NZD for February 21, 2018
February 21, 2018 6:22 am
Wave summary:
We continue to look for a break above the minor resistance at 1.6865 that confirms the wave ii has completed and the wave iii higher towards 1.7470 and 1.7777 is ready to take off.
Ideally, we will see the minor support at 1.6765 be able to protect the downside for the expected break above 1.6865, but if support at 1.6765 gives away, we must allow for a final spike lower to 1.6740 before completing the wave ii.
R3: 1.6978
R2: 1.6860
R1: 1.6821
Pivot:
1.6805
S1: 1.6765
S2: 1.6740
S3: 1.6681
Trading recommendation:
We are long EUR from 1.6790 with stop placed at 1.6690.
The material has been provided by InstaForex Company – www.instaforex.com
Wave summary:
We continue to look for a break above the minor resistance at 1.6865 that confirms the wave ii has completed and the wave iii higher towards 1.7470 and 1.7777 is ready to take off.
Ideally, we will see the minor support at 1.6765 be able to protect the downside for the expected break above 1.6865, but if support at 1.6765 gives away, we must allow for a final spike lower to 1.6740 before completing the wave ii.
R3: 1.6978
R2: 1.6860
R1: 1.6821
Pivot:
1.6805
S1: 1.6765
S2: 1.6740
S3: 1.6681
Trading recommendation:
We are long EUR from 1.6790 with stop placed at 1.6690.
The material has been provided by InstaForex Company – www.instaforex.com
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