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09.02.201807:02 Forex Analysis & Reviews: Elliott wave analysis of EUR/NZD for February 9, 2018

Long-term review

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Wave summary:

Did the wave ii complete at 1.6914, or is there another stab to this low needed to complete the wave ii? At this point, it could go both ways. Only a clear break above the minor resistance at 1.7015 will confirm that the wave ii has completed, or the wave ii is developing higher to 1.7479.

As long as the minor resistance at 1.7015 is able to cap the upside, we must allow a final spike to lower to 1.6914 or even just below to complete the wave ii and to set the stage for the wave iii higher.

R3: 1.7094

R2: 1.7038

R1: 1.7015

Pivot: 1.6965

S1: 1.6943

S2: 1.6914

S3: 1.6900

Trading recommendation:

We are long EUR from 1.6977 with our stop placed at 1.6845.

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