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FX.co ★ Elliott wave analysis of EUR/NZD for January 24, 2017

Elliott wave analysis of EUR/NZD for January 24, 2017

Elliott wave analysis of EUR/NZD for January 24, 2017

Wave summary:

The correction in wave ii/ ideally completed with the test of 1.4735 and a new impulsive rally towards 1.5837 is building. That said, we need a break above minor resistance at 1.4953 to add confidence in this call, while a break above resistance at 1.5003 will call for more upside towards 1.5193 on the way higher to 1.5837.

Support is seen at 1.4784 and again at 1.4735.

R3: 1.5193

R2: 1.5003

R1: 1.4953

Pivot: 1.4869

S1: 1.4784

S2: 1.4735

S3: 1.4654

Trading recommendation:

We are long EUR from 1.4884 with stop placed at 1.4650. If you are not long EUR yet, then buy a break above 1.4953 and use the same stop at 1.4650.

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade
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