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