Elliott wave analysis of EUR/NZD for January 2, 2018


Wave summary:

The break above minor resistance at 1.6925 is not yet convincing, but a more firm break is expected soon for more upside pressure towards 1.7064 on the way higher to 1.7777.

Support is now seen at 1.6837, which is expected to protect the downside for the firm break above 1.6925.

R3: 1.7064

R2: 1.6993

R1: 1.6925

Pivot: 1.6876

S1: 1.6837

S2: 1.6800

S3: 1.6793

Trading recommendation:

We are EUR 1.6873 with stop placed at 1.6795.

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