Elliott wave analysis of EUR/NZD for January 10, 2018


Wave summary:

EUR/NZD has tested a low of 1.6587, just above our ideal target seen at 1.6571. This could be enough to fulfill the expected downside target and complete wave (ii). If this is the case, we will likely see minor support at 1.6595 protect the downside for a break above minor resistance at 1.6708 confirming a low is in place for a rally towards important resistance at 1.7026 and above here confirm wave (iii) higher is developing.

R3: 1.6849

R2: 1.6801

R1: 1.6740

Pivot: 1.6708

S1: 1.6637

S2: 1.6595

S3: 1.6587

Trading recommendation:

We are short half a position EUR from 1.6795 we will lower our stop + revers to 1.6715 and we will place a take profit at 1.6610. If done we will place a EUR buy order at 1.6715.

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