FX.co ★ Elliott wave analysis of EUR/NZD for January 26, 2018

Wave summary:

EUR/NZD has broken above minor resistance at 1.6937 confirming that wave ii completed at 1.6630 and wave iii higher towards 1.7360 and 1.7777 is developing. Short-term, we might see a sideways consolidation just below 1.7065 before the next impulsive rally higher.

Support at 1.6800 will ideally be able to protect the downside for the expected break above 1.7065.

R3: 1.7150

R2: 1.7065

R1: 1.6937

Pivot: 1.6876

S1: 1.6800

S2: 1.6730

S3: 1.6630

Trading recommendation:

We are long EUR from 1.6695 and we will raise our stop to break-even.