Elliott wave analysis of EUR/NZD for February 1, 2018


Wave summary:

Wave ii/ has spike lower to 1.6760, just below our ideal corrective target 1.6803. This most likely completed wave ii/ and wave iii/ higher through minor resistance at 1.6973 and more importantly, a break above resistance at 1.7064 will confirm the next rally higher to 1.7360 and 1.7479 on the way towards 1.7777.

R3: 1.7124

R2: 1.7064

R1: 1.6973

Pivot: 1.6880

S1: 1.6824

S2: 1.6760

S3: 1.6723

Trading recommendation:

We are long EUR from 1.6695 with stop at break-even.

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

Source:: Elliott wave analysis of EUR/NZD for February 1, 2018

About the Author
InstaForex brand was created in 2007 and at the moment it’s a top choice of more than 2,000,000 traders. More than 1,000 clients open accounts with InstaForex every day. All InstaForex clients get great opportunities for effective trading on the forex market, as well as on-time technical and customer support

Leave a Reply