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

Posted On 01 Feb 2018
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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

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