Elliott wave analysis of EUR/NZD for February 22, 2018
February 22, 2018 6:24 am
Wave summary:
EUR/NZD is kissing and hugging the 61.8% support at 1.6740, but it should just be a matter of time before the minor resistance at 1.6822 is challenged and, more importantly, before the resistance at 1.6865 is being tested. A break above the resistance at 1.6865 will confirm that the wave ii has completed and the wave iii to 1.7470 and 1.7777 is developing.
R3: 1.6865
R2: 1.6822
R1: 1.6799
Pivot: 1.6765
S1. 1.6740
S2: 1.6681
S3: 1.6630
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:
EUR/NZD is kissing and hugging the 61.8% support at 1.6740, but it should just be a matter of time before the minor resistance at 1.6822 is challenged and, more importantly, before the resistance at 1.6865 is being tested. A break above the resistance at 1.6865 will confirm that the wave ii has completed and the wave iii to 1.7470 and 1.7777 is developing.
R3: 1.6865
R2: 1.6822
R1: 1.6799
Pivot: 1.6765
S1. 1.6740
S2: 1.6681
S3: 1.6630
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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