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


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

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