Elliott wave analysis of EUR/NZD for January 3d, 2018

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Wave summary:

EUR/NZD is working its way higher and it should be a matter of time before resistance at 1.7064 is tested and broken for a continuation higher to 1.7479 and 1.7777.

Support is now seen at 1.6937 and should be able to protect the downside, but only a break below 1.6855 will question the expected rally higher.

R3: 1.7220

R2: 1.7130

R1: 1.7064

Pivot: 1.6952

S1: 1.6937

S2: 1.6855

S3: 1.6831

Trading recommendation:

We are long on EUR from 1.6873 and we will move our stop higher to 1.6850.

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