Elliott wave analysis of EUR/NZD for January 26, 2018
January 26, 2018 6:22 am
Wave summary:
EUR/NZD has broken above minor resistance at 1.6937 confirming that wave ii completed at 1.6630 and wave iii higher towards 1.7360 and 1.7777 is developing. Short-term, we might see a sideways consolidation just below 1.7065 before the next impulsive rally higher.
Support at 1.6800 will ideally be able to protect the downside for the expected break above 1.7065.
R3: 1.7150
R2: 1.7065
R1: 1.6937
Pivot: 1.6876
S1: 1.6800
S2: 1.6730
S3: 1.6630
Trading recommendation:
We are long EUR from 1.6695 and we will raise our stop to break-even.
The material has been provided by InstaForex Company – www.instaforex.com
Wave summary:
EUR/NZD has broken above minor resistance at 1.6937 confirming that wave ii completed at 1.6630 and wave iii higher towards 1.7360 and 1.7777 is developing. Short-term, we might see a sideways consolidation just below 1.7065 before the next impulsive rally higher.
Support at 1.6800 will ideally be able to protect the downside for the expected break above 1.7065.
R3: 1.7150
R2: 1.7065
R1: 1.6937
Pivot: 1.6876
S1: 1.6800
S2: 1.6730
S3: 1.6630
Trading recommendation:
We are long EUR from 1.6695 and we will raise our stop to break-even.
The material has been provided by InstaForex Company – www.instaforex.com
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