Elliott wave analysis of EUR/NZD for January 5 - 2018

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Wave summary:

The lack of upside acceleration is of concern. It could just be a delay of the expected rally through resistance at 1.7064 for more upside pressure towards 1.7777. However, it could be a warning of upside exhaustion and that a deeper corrective pullback is needed. If this is the case, then support at 1.6805 will be broken soon for a decline towards 1.6140.

R3: 1.7064

R2: 1.7025

R1: 1.6966

Pivot: 1.6805

S1: 1.6744

S2: 1.6689

S3: 1.6644

Trading recommendation:

Our stop at 1.6850 has been hit for a small loss of 23 pips. We will place a buy order at 1.6985 and a sell order at 1.6795

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