Elliott wave analysis of EUR/NZD for January 11, 2018


Wave summary:

EUR/NZD is in a bottoming phase and we are looking for a break above 1.6688 as confirmation that wave (ii) has completed and wave (iii) higher to above 1.7493 is developing.

Once the minor resistance at 1.6688 is broken the first upside target to look for is seen at in the 1.7025 – 1.7065 area.

R3: 1.6801

R2: 1.6744

R1: 1.6680

Pivot: 1.6614

S1: 1.6555

S2: 1.6501

S3: 1.6441

Trading recommendation:

We took profit on the last 50% of our position at 1.6610 for a nice profit of 185 pips. We will buy EUR upon a break above 1.6688.

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

Source:: Elliott wave analysis of EUR/NZD for January 11, 2018

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