Elliott wave analysis of EUR/NZD for September 13, 2017

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Wave summary:

The correction in red wave iv extended lower to 1.6327, this is more than enough to complete this correction and turn prices higher in red wave v towards 1.6883 and above. A break above minor resistance at 1.6522 and more importantly a break above 1.6569 will confirm that red wave iv has completed and red wave v higher is developing towards 1.6883.

Support is now seen at 1.6389 and again at 1.6327.

R3: 1.6624

R2: 1.6569

R1: 1.6522

Pivot: 1.6500

S1: 1.6425

S2: 1.6389

S3: 1.6327Trading recommendation:

Our stop at 1.6400 was hit for a loss. We will buy EUR again at 1.6395 or upon a break above 1.6522.

The material has been provided by InstaForex Company - www.instaforex.com