Elliott wave analysis of EUR/NZD for March 1, 2018

analytics5a97958be8705.png

Wave summary:

EUR/NZD continues to move higher as expected, but we would like to see some upside acceleration soon and a break above the minor resistance at 1.6999, and more importantly, a break above the resistance at 1.7094 that confirms our expectation of a continuation higher to 1.7470 and 1.7777.

Support is now seen at 1.6867. This support will ideally protect the downside for a continuation higher to 1.6999 and above.

R3: 1.7102

R2: 1.6999

R1: 1.6960

Pivot: 1.6896

S1: 1.6867

S2: 1.6840

S3: 1.6806

Trading recommendation:

We are long EUR from 1.6790 and we will move our stop to break-even at 1.6790.

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

Source:: Elliott wave analysis of EUR/NZD for March 1, 2018

Won't your trader friends like this?
InstaForex
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

*