Elliott wave analysis EUR/NZD – January 2, 2019


The price chart of EUR/NZD has been distorted by a very thin January 1 trading secession. To our knowledge a high has been seen at 1.7125 or just above the 50% corrective target at 1.7105. We are currently looking for a break below support at 1.7000 to confirm that a top is in place and more downside pressure towards 1.6115 should be expected.

That said, we have to accept the outside chance of a final spike closer to the 61.8% corrective target at 1.7289 as long as support at 1.7000 is able to protect the downside.

R3: 1.7289

R2: 1.7179

R1: 1.7125

Pivot: 1.7085

S1: 1.7042

S2: 1.7000

S3: 1.6951

Trading recommendation:

We are short EUR at 1.6975 with our stop placed at 1.7175.

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

Source:: Elliott wave analysis of EUR/NZD for January 2, 2019

Won't your trader friends like this?
About the Author
InstaForex brand was created in 2007 and at the moment it’s a top choice of more than 2,000,000 traders. More than 1,000 clients open accounts with InstaForex every day. All InstaForex clients get great opportunities for effective trading on the forex market, as well as on-time technical and customer support

Leave a Reply