Elliott wave analysis of EUR/NZD for February 16, 2018


Wave summary:

EUR/NZD is trading within a narrow range between 1.6855 and 1.6930 at the moment. Not giving us any real hint of its intentions. We could still see a final spike lower to 1.6775 before completing the wave ii and setting the stage for the wave iii higher towards 1.7479 and above.

Only a direct break above 1.7000 will indicate that the wave ii has already completed, and the wave iii is developing higher.

R3: 1.7094

R2: 1.7000

R1: 1.6972

Pivot: 1.6850

S1: 1.6800

S2: 1.6775

S3: 1.6737

Trading recommendation:

We will buy EUR 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 16, 2018

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