Elliott wave analysis of EUR/NZD for February 26, 2018

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Wave summary:

The first minor rally from the 1.6740 low does look impulsive (5 small waves), this means the corrective target-area between 1.6763 – 1.6791 ideally will be able to protect the downside for the next impulsive rally towards at least 1.7086 on the way higher to 1.7470 and 1.7777.

In the short term, a break above the minor resistance at 1.6881 will confirm the wave iii/ higher to 1.7086.

R3: 1.6950

R2: 1.6913

R1: 1.6881

Pivot: 1.6791

S1: 1.6763

S2: 1.6740

S3: 1.6700

Trading recommendation:

We are long EUR from 1.6790 with our stop placed at 1.6740.

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

Source:: Elliott wave analysis of EUR/NZD for February 26, 2018

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