Elliott wave analysis of EUR/NZD for December 28, 2017


Wave summary:

EUR/NZD likely bottomed with the test of 1.6800 and we are now looking for a break above minor resistance at 1.6876 and more importantly a break above resistance at 1.6927 to confirm wave ii has completed and wave iii is developing for a rally towards 1.7777.

At no point can a break below important support at 1.6744 be allowed under this count.

R3: 1.7064

R2: 1.6993

R1: 1.6927

Pivot: 1.6876

S1: 1.6800

S2: 1.6780

S3: 1.6744

Trading recommendation:

We are long EUR from 1.6873 with stop placed at 1.6795.

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