Elliott wave analysis of EUR/NZD for February 15, 2018

Wave summary:

EUR/NZD has failed to rally, which could indicate a more complex correction is unfolding. If this is the case, the more downside pressure towards 1.6775 can not be excluded before the next impulsive rally higher.

In the short term, only a direct break above minor resistance at 1.6972 will ease the downside pressure and indicate that the correction in the wave ii could have completed for a rally towards 1.7479 and above.

R3: 1.7094

R2: 1.7000

R1: 1.6972

Pivot: 1.6850

S1: 1.6800

S2: 1.6775

S3: 1.6737

Trading recommendation:

Our stop at 1.6845 was hit for a loss of 132 pips. We will buy at 1.6790 or upon a break above 1.6972.

The material has been provided by InstaForex Company – www.instaforex.com

Source:: Elliott wave analysis of EUR/NZD for February 15, 2018