For Traders

Analytical Reviews

Wave analysis

20.10.201705:39 Forex Analysis & Reviews: Elliott wave analysis of EUR/NZD for October 20, 2017

Long-term review

This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

Wave summary:

There was no time for a deeper correction towards 1.6150. Wave iii towards 1.8032 is already well underway. The base channel resistance near 1.7030 will mark the first resistance, but if wave iii higher is developing, then this resistance should pose as no more than a temporary hurdle and once cleared the road higher to 1.8032 should be free.

Support is now seen in the 1.6816 - 1.6836 area for the next rally higher towards 1.7030.

R3: 1.7030

R2: 1.7000

R1: 1.6969

Pivot: 1.6950

S1: 1.6889

S2: 1.6836

S3: 1.6816

Trading recommendation:

Our EUR short position from 1.6635 was stopped out at 1.6675 for a 40 pips loss. We will buy EUR at 1.6840 with a stop placed at 1.6700.

Back to the list

Open trading account

InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.