Elliott wave analysis of EUR/NZD for February 12, 2018

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Wave summary:

The ongoing correction in the wave ii has taken the long road and should be close to completion. We could still see a final spike lower to 1.6824 before completing the wave ii and setting the stage for a new impulsive rally in the wave iii towards 1.7479 on the way towards 1.7777.

A break above minor resistance at 1.7022 will confirm the onset of the wave iii.

R3: 1.7021

R2: 1.6971

R1: 1.6931

Pivot: 1.6862

S1: 1.6850

S2: 1.6824

S3: 1.6779

Trading recommendation:

We are long EUR from 1.6977 with stop placed at 1.6845.

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

Source:: Elliott wave analysis of EUR/NZD for February 12, 2018

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