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Elliott wave analysis of EUR/NZD for January 29, 2018

Posted On 29 Jan 2018
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Wave summary:

We have seen the expected consolidation after the break above 1.6937. This consolidation is expected to continue a while longer, before the next resistance at 1.7064 is ready to be challenged and once broken, a continuation higher to 1.7360 and 1.7479 should be seen on the way higher to 1.7777.

Short-term support in the 1.6803-1.6830 area is expected to be tested before the resistance at 1.7064 is ready to be taken on for real.

R3: 1.7150

R2: 1.7064

R1: 1.7013

Pivot: 1.6857

S1: 1.6803

S2: 1.6740

S3: 1.6707

Trading recommendation:

We are long EUR from 1.6695 with stop placed at break-even.

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

Source:: Elliott wave analysis of EUR/NZD for January 29, 2018

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