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22.02.201807:46 Forex Analysis & Reviews: Elliott wave analysis of EUR/NZD for February 22, 2018

Long-term review

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Wave summary:

EUR/NZD is kissing and hugging the 61.8% support at 1.6740, but it should just be a matter of time before the minor resistance at 1.6822 is challenged and, more importantly, before the resistance at 1.6865 is being tested. A break above the resistance at 1.6865 will confirm that the wave ii has completed and the wave iii to 1.7470 and 1.7777 is developing.

R3: 1.6865

R2: 1.6822

R1: 1.6799

Pivot: 1.6765

S1. 1.6740

S2: 1.6681

S3: 1.6630

Trading recommendation:

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

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