Elliott wave analysis of EUR/NZD for March 5, 2018

analytics5a9cda1e9335a.png

Wave summary:

We have finally seen the expected upside acceleration and EUR/NZD is currently testing resistance near 1.7102, This resistance might be able to cap the upside for a minor correction closer to 1.6965, but form there a new attempt is expected on the resistance at 1.7102, and this time it should prove successful for a continuation higher to 1.7470 and the way higher to 1.7777.

R3: 1.7222

R2: 1.7147

R1: 1.7102

Pivot: 1.7050

S1: 1.7025

S2: 1.6997

S3: 1.6965

Trading recommendation:

We are long EUR from 1.6790 and we will move our stop higher to 1.6850.

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

Source:: Elliott wave analysis of EUR/NZD for March 5, 2018

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

*