Elliott wave analysis of EUR/NZD for February 6, 2018

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Wave summary:

The failure to rally directly higher has made us review the other possible counts and the possibility of the rally from 1.6518 to 1.7101 being a leading diagonal is high. The wave i/ is larger than the wave iii/, which again is larger than the wave v/. If this count is correct, then a deeper correction should be expected towards 1.6808 and maybe even closer to 1.6740 in the coming days before there is a renewed upside pressure towards 1.7479 and 1.7777.

R3: 1.7101

R2: 1.7055

R1: 1.6955

Pivot: 1.6935

S1: 1.6914

S2: 1.6864

S3: 1.6808

Trading recommendation:

We are long EUR from 1.6695 and will take half profit here at 1.6955 for a nice profit of 260 pips, and we will keep our stop at 1.6905. If this stop is hit, we will re-buy EUR at 1.6815.

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

Source:: Elliott wave analysis of EUR/NZD for February 6, 2018

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