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16.01.201806:40 Forex Analysis & Reviews: Elliott wave analysis of EUR/NZD for January 16, 2018

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.

Exchange Rates 16.01.2018 analysis

Wave summary:

EUR/NZD continues to display a impulsive pattern from the low at 1.6518. Short term, we are looking for more upside pressure towards at least 1.6891 and possibly even closer to 1.6972 to complete this first impulsive rally from 1.6518. This next rally should set the stage for a corrective decline towards at least 1.6800 and likely even closer to 1.6690 before turning higher again.

R3: 1.6972

R2: 1.6941

R1: .6891

Pivot: 1.6781

S1: 1.6741

S2: 1.6709

S3: 1.6690

Trading recommendation:

We are long EUR from 1.6670. We will raise our stop to 1.6735 and we will take half profit at 1.6875 and close our position at 1.6950.

Torben Melsted
Analytical expert of InstaForex
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