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Elliott wave analysis of EUR/NZD for January 31, 2018

Posted On 31 Jan 2018
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Wave summary:

EUR/NZD continues to follow the expected path to perfection. We expect that a minor support at 1.6803 will be able to protect the downside for a new impulsive rally above 1.6973 confirming more upside pressure towards 1.7065 on the way higher to 1.7360 and 1.7479.

It will take an unexpected break below support at 1.6630 to invalidate our bullish count.

R3: 1.7065

R2: 1.6961

R1: 1.6925

Pivot.: 1.6880

S1: 1.6803

S2: 1.6766

S3: 1.6720

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 31, 2018

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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

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