Elliott wave analysis of EUR/NZD for January 9, 2017

Wave summary:

No much action here.

We are still looking for upside acceleration towards the 1.5837 - 1.5863 area in wave iii/. To confirm that wave iii/ is unfolding, we need a break above 1.5228 and more importantly above minor resistance at 1.5285.

Short-term support is seen at 1.5065 and again at 1.5036

R3: 1.5285

R2: 1.5228

R1: 1.5153

Pivot 1.5129

S1: 1.5065

S2: 1.5036

S3: 1.4960

Trading recommendation:

We are long EUR from 1.5123 with stop placed at 1,4955. If you are not long EUR yet, then buy a break above 1.5228 and use the same stop at 1.4955.

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

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