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Elliott wave analysis of EUR/NZD for March 6, 2018

Posted On 06 Mar 2018
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Wave summary:

Resistance at 1.7100 is holding firm and will likely produce a short-term correction closer to 1.6985 before the next attempt to break clearly above this resistance for a continuation higher to 1.7470 and 1.7777 as the next larger upside targets.

Support is now seen at 1.7040 and 1.6985.

R3: 1.7264

R2: 1.7166

R1: 1.7100

Pivot: 1.7040

S1: 1.7020

S2: 1.7000

S3: 1.6985

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 6, 2018

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