Elliott wave analysis of EUR/NZD for January 29, 2018
January 29, 2018 7:21 am
Wave summary:
We have seen the expected consolidation after the break above 1.6937. This consolidation is expected to continue a while longer, before the next resistance at 1.7064 is ready to be challenged and once broken, a continuation higher to 1.7360 and 1.7479 should be seen on the way higher to 1.7777.
Short-term support in the 1.6803-1.6830 area is expected to be tested before the resistance at 1.7064 is ready to be taken on for real.
R3: 1.7150
R2: 1.7064
R1: 1.7013
Pivot: 1.6857
S1: 1.6803
S2: 1.6740
S3: 1.6707
Trading recommendation:
We are long EUR from 1.6695 with stop placed at break-even.
The material has been provided by InstaForex Company – www.instaforex.com
Wave summary:
We have seen the expected consolidation after the break above 1.6937. This consolidation is expected to continue a while longer, before the next resistance at 1.7064 is ready to be challenged and once broken, a continuation higher to 1.7360 and 1.7479 should be seen on the way higher to 1.7777.
Short-term support in the 1.6803-1.6830 area is expected to be tested before the resistance at 1.7064 is ready to be taken on for real.
R3: 1.7150
R2: 1.7064
R1: 1.7013
Pivot: 1.6857
S1: 1.6803
S2: 1.6740
S3: 1.6707
Trading recommendation:
We are long EUR from 1.6695 with stop placed at break-even.
The material has been provided by InstaForex Company – www.instaforex.com
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