FX.co ★ Elliott wave analysis of EUR/NZD for February 20, 2018

Wave summary:

A break above the minor resistance at 1.6865 will indicate that the wave ii has completed and the wave iii higher to 1.7470 and 1.7777 is developing.

As long as the minor resistance at 1.6865 is able to cap the upside as long must we allow for a final spike lower to 1.6740 before completing the wave ii.

R3: 169.78

R2: 1.6860

R1: 1.6825

Pivot: 1.6770

S1: 1.6740

S2: 1.6681

S3: 1.6630

Trading recommendation:

We are long EUR from 1.6790 with stop placed at 1.6690.