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

Wave summary:

EUR/NZD continues to display a impulsive pattern from the low at 1.6518. Short term, we are looking for more upside pressure towards at least 1.6891 and possibly even closer to 1.6972 to complete this first impulsive rally from 1.6518. This next rally should set the stage for a corrective decline towards at least 1.6800 and likely even closer to 1.6690 before turning higher again.

R3: 1.6972

R2: 1.6941

R1: .6891

Pivot: 1.6781

S1: 1.6741

S2: 1.6709

S3: 1.6690

Trading recommendation:

We are long EUR from 1.6670. We will raise our stop to 1.6735 and we will take half profit at 1.6875 and close our position at 1.6950.

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

Source:: Elliott wave analysis of EUR/NZD for January 16, 2018