Elliott wave analysis of EUR/NZD for January 25, 2… 25.01.2018

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Exchange Rates 25.01.2018 analysis

Wave summary:

EUR/NZD spiked lower to 1.6630 before completing the correction from 1.6937, however, the strong rally from the 1.6630 low is a clear indication that the wave ii is now complete and the wave iii higher to at least 1.7360 is developing on the way higher to 1.7777.

A clear break above the mark of 1.6937 will call for 1.7064, that might hold for a minor set-back to 1.6810 getting significantly higher towards 1.7360 again

R3: 1.7064

R2: 1.7026

R1: 1.6937

Pivot: 1.6800

S1: 1.6740

S2: 1.6684

S3: 1.6630

Trading recommendation:

We are long EUR from 1.6695 and we will move our stop higher to 1.6620.

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

Performed by Torben Melsted,
Analytical expert
InstaForex Group © 2007-2018

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