Elliott wave analysis of EUR/NZD for January 15, 2018

Wave summary:

We have seen a nice impulsive rally of the 1.6518 low and more upside pressure is expected towards 1.7025 on the way higher to 1.7479 and 1.7777.

Short-term support is seen at 1.6764 and if broken, we should see a dip lower to 1.6661 before the next turn higher towards 1.7025.

R3: 1.6966

R2: 1.6890

R1: 1.6820

Pivot: 1.6764

S1: 1.6707

S2: 1.6661

S3: 1.6600

Trading recommendation:

We are long EUR from 1.6670. We will move our stop higher to 1.6525.

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