Elliott wave analysis of EUR/NZD for January 8, 2018
January 8, 2018 10:21 am
Wave summary:
As we feared the lack of upside acceleration, was a sign of exhaustion. The break below minor support at 1.6805 confirmed that the correction from 1.7479 still has room to the downside to cover, whit the next target being 1.6571. A decline to here, could complete the correction in wave (ii), but a deeper correction closer to 1.6311 is in no way out of the question here, so we need to let this correction run its course.
Short-term the pressure remains lower, as long as minor resistance at 1.7079 stays intact.
R3: 1.6945
R2: 1.6892
R1: 1.6811
Pivot: 1.6745
S1: 1.6646
S2: 1.6524
S3: 1.6311
Trading recommendation:
We sold EUR at 1.6795 and will place our stop at 1.7085
The material has been provided by InstaForex Company – www.instaforex.com
Wave summary:
As we feared the lack of upside acceleration, was a sign of exhaustion. The break below minor support at 1.6805 confirmed that the correction from 1.7479 still has room to the downside to cover, whit the next target being 1.6571. A decline to here, could complete the correction in wave (ii), but a deeper correction closer to 1.6311 is in no way out of the question here, so we need to let this correction run its course.
Short-term the pressure remains lower, as long as minor resistance at 1.7079 stays intact.
R3: 1.6945
R2: 1.6892
R1: 1.6811
Pivot: 1.6745
S1: 1.6646
S2: 1.6524
S3: 1.6311
Trading recommendation:
We sold EUR at 1.6795 and will place our stop at 1.7085
The material has been provided by InstaForex Company – www.instaforex.com
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