empty
 
 
17.01.2018 07:54 AM
Elliott wave analysis of EUR/NZD for January 17, 2018

This image is no longer relevant

Wave summary:

EUR/NZD has now seen a nice five wave rally from the 1.6518 low. A short-term top should be near for a corrective decline in wave ii to at least 1.6800 and possibly even closer to 1.6680 before the next impulsive rally higher to 1.7479 on the way towards 1.7777.

A break below 1.6850 will confirm wave i has completed and wave ii is developing.

R3: 1.7025

R2: 1.6972

R1: 1.6937

Pivot: 1.6850

S1: 1.6765

S2: 1.6709

S3: 1.6690

Trading recommendation:

We are long EUR from 1.6670 and we will raise our stop to 1.6845. We took half profit at 1.6875 for a nice 205 pips profit and we will close to rest of the position at 1.6950.

Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $1000 more!
    In April we raffle $1000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS

Recommended Stories

Can't speak right now?
Ask your question in the chat.
Widget callback