Elliott wave analysis of EUR/NZD for January 26, 2… 26.01.2018

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Exchange Rates 26.01.2018 analysis

Wave summary:

EUR/NZD has broken above minor resistance at 1.6937 confirming that wave ii completed at 1.6630 and wave iii higher towards 1.7360 and 1.7777 is developing. Short-term, we might see a sideways consolidation just below 1.7065 before the next impulsive rally higher.

Support at 1.6800 will ideally be able to protect the downside for the expected break above 1.7065.

R3: 1.7150

R2: 1.7065

R1: 1.6937

Pivot: 1.6876

S1: 1.6800

S2: 1.6730

S3: 1.6630

Trading recommendation:

We are long EUR from 1.6695 and we will raise our stop to break-even.

*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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