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Elliott wave analysis of EUR/NZD for March 8, 2018

Posted On 08 Mar 2018
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Wave summary:

We continue to look for a break above minor resistance at 1.7100 that will open for a continuation higher towards 1.7470 and 1.7777 as the next major upside targets.

Short-term, support is seen near 1.6995 and again at 1.6969. We might need to revisit the later again before being ready to challenge resistance at 1.7100.

R3: 1.7264

R2: 1.7166

R1: 1.7100

Pivot: 1.7010

S1: 1.6968

S2: 1.6930

S3: 1.6877

Trading recommendation:

We are long EUR from 1.6790 with stop placed at 1.6850. Upon a break above 1.7100 we will lift our stop to 1.6950.

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

Source:: Elliott wave analysis of EUR/NZD for March 8, 2018

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