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16.01.201708:21 Forex Analysis & Reviews: Elliott wave analysis of EUR/NZD for January 16, 2017

Long-term review

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Wave summary;

EUR/NZD tried to take out minor resistance at 1.5007, but failed at 1.5003, which has kept the short-term pressure to the downside, but a low should is most likely in place at 1.4841, but we still need a break above 1.5007 to confirm this is the case. A break above 1.5007 will call for a continuation higher towards 1.5193 and a break above here will leave no doubt that the correction in wave ii/ finally has completed and more upside towards 1.5837 is unfolding.

R3: 1.5143

R2: 1.5045

R1: 1.5007

Pivot: 1.4966

S1: 1.4897

S2: 1.4841

S3: 1.4811

Trading recommendation:

Our stop at 1.4850 was hit. We will only buy a break above 1.5007.

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