Elliott wave analysis of EUR/NZD for February 23 - 2018

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Wave summary:

The important support near 1.6740 has done a perfect job in protecting the downside. The break above the minor resistance at 1.6850 is the first good indication that wave ii has completed and wave iii higher towards 1.7470 is developing now.

The short-term support is seen near 1.6820 which ideally will be able to protect the downside for continuation higher to 1.7000 and 1.7101 as the next target on the way towards 1.7470.

R3: 1.7000

R2: 1.6915

R1: 1.6870

Pivot: 1.6820

S1: 1.6800

S2: 1.6766

S3: 1.6740

Trading recommendation:

We are long EUR from 1.6790 and we will move our stop higher to 1.6730.

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