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Elliott wave analysis of EUR/NZD for February 21, 2018

Posted On 21 Feb 2018
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Wave summary:

We continue to look for a break above the minor resistance at 1.6865 that confirms the wave ii has completed and the wave iii higher towards 1.7470 and 1.7777 is ready to take off.

Ideally, we will see the minor support at 1.6765 be able to protect the downside for the expected break above 1.6865, but if support at 1.6765 gives away, we must allow for a final spike lower to 1.6740 before completing the wave ii.

R3: 1.6978

R2: 1.6860

R1: 1.6821

Pivot:

1.6805

S1: 1.6765

S2: 1.6740

S3: 1.6681

Trading recommendation:

We are long EUR from 1.6790 with stop placed at 1.6690.

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

Source:: Elliott wave analysis of EUR/NZD for February 21, 2018

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