Elliott wave analysis of EUR/NZD for January 19, 2018

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Wave summary:

The corrective decline from 1.6937 is unfolding as expected and should spike lower to 1.6679 before completing and set the stage for the next impulsive rally higher towards 1.7360 on the way higher to 1.7777.

Only a direct break above minor resistance at 1.6839 will tell us that wave ii ended early and wave iii higher to 1.7360 is developing.

R3: 1.6937

R2: 1.6860

R1: 1.6840

Pivot: 1.6737

S1: 1.6711

S2: 1.6679

S3: 1.6613

Trading recommendation:

We will buy EUR at 1.6695 or upon a break above 1.6845.

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

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