Elliott wave analysis of EUR/NZD for January 9, 2018

Wave summary:
EUR/NZD has declined nice and is now close to the first support near 1.6571. This support is expected to protect the downside for at least a corrective rally closer to 1.6800 and maybe even turn prices higher trough important resistance at 1.7025 for the next impulsive rally towards 1.7777.

R3: 1,6890
R2: 1.6800
R1: 1.6701
Pivot: 1.6630
S1: 1.6571
S2: 1.6447
S3: 1.6298

Trading recommendation:
We are short EUR from 1.6795. We will book half profit here at 1.6675 for a nice profit of 120 pips and we will move our stop lower from 1.7085 to 1.6835 on the rest of the position.

Analysis are provided by InstaForex