Elliott wave analysis of EUR/NZD for January 22, 2018

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Wave summary:

We continue to look for a slightly deeper correction in wave ii. Ideally, wave ii will make it lower to 1.6679 before completing and turning prices higher in wave iii towards 1.7360 on the way towards the long-term target at 1.7777.

Only a direct break above minor resistance at 1.6839 will indicate that wave ii already has bottomed and wave iii is developing.

R3: 1.6937

R2: 1.6860

R1: 1.6840

Pivot: 1.6760

S1: 1.6737

S2: 1.6711

R3: 1.6679

Trading recommendation:

Buy EUR near 1.6695 or upon a break above 1.6845.

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