FX.co ★ Elliott wave analysis of EUR/NZD for February 8, 2018

Wave summary:

There was no time for a deeper corrective decline in the wave ii. After the direct break above 1.6976 we are looking for a direct break above the resistance at 1.7101 that confirms a continuation higher towards 1.7479 on the way higher to 1.7777.

Support is now seen at 1.6976 and again at 1.6913.

R3: 1.7124

R2: 1.7101

R1: 1.7076

Pivot: 1.6990

S1: 1.6976

S2: 1.6913

S3: 1.6852

Trading recommendation:

We bought EUR at 1.6977 and placed our stop at 1.6845.