Elliott wave analysis of EUR/NZD for February 14, 2018

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Wave summary:

There’s nothing new to add here. We continue to look for a clear break above the minor resistance at 1.7023 and, more importantly, a break above the resistance at 1.7094 confirming that the next impulsive rally higher to 1.7479 is developing on the way higher to 1.7777.

Under this count, it’s essential that the support at 1.6853 is able to protect the downside, or a slightly deeper correction towards 1.6837 and maybe even closer to 1.6783 could be seen, but that is not our preferred outlook.

R3: 1.7046

R2: 1.7012

R1: 1.6959

Pivot: 1.6930

S1: 1.6881

S2: 1.6853

S3: 1.6837

Trading recommendation:

We are long EUR from 1.6977 with stop placed at 1.6845.

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

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