Elliott wave analysis of EUR/NZD for January 24, 2018

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Wave summary:

We need to see a break above minor resistance at 1.7026 to confirm that wave ii completed with the test of 1.6684 and wave iii higher towards 1.7360 and 1.7777 is developing.

As long as minor resistance at 1.7026 stays untouched, we will need to allow for a final spike lower to 1.6679, but it’s not necessary.

R3: 1.6850

R2: 1.6809

R1: 1.6772

Pivot: 1.6713

S1: 1.6684

S2: 1.6679

S3: 1.6662

Trading recommendation:

We are long EUR from 1.6695 with our stop placed at 1.6550.

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

Source:: Elliott wave analysis of EUR/NZD for January 24, 2018

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