Elliott wave analysis of EUR/NZD for January 17, 2018

Wave summary:

EUR/NZD has now seen a nice five wave rally from the 1.6518 low. A short-term top should be near for a corrective decline in wave ii to at least 1.6800 and possibly even closer to 1.6680 before the next impulsive rally higher to 1.7479 on the way towards 1.7777.

A break below 1.6850 will confirm wave i has completed and wave ii is developing.

R3: 1.7025

R2: 1.6972

R1: 1.6937

Pivot: 1.6850

S1: 1.6765

S2: 1.6709

S3: 1.6690

Trading recommendation:

We are long EUR from 1.6670 and we will raise our stop to 1.6845. We took half profit at 1.6875 for a nice 205 pips profit and we will close to rest of the position at 1.6950.

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

Source:: Elliott wave analysis of EUR/NZD for January 17, 2018