Elliott wave analysis of EUR/NZD for September 14, 2017

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Wave summary:

Red wave iv ideally completed with the test of 1.6327 and red wave v to above 1.6690 should be developing. A firm break above minor resistance at 1.6488 and more importantly a break above resistance at 1.6569 will confirm that wave iv has completed and red wave v higher is developing for a rally towards 1.6883.

R3: 1.6624

R2: 1.6569

R1: 1.6522

Pivot: 1.6488

S1: 1.6395

S2: 1.6327

S3: 1.6309

Trading recommendation:

We bought EUR at 1.6395 and we have placed our stop at 1.6295. If you are not long EUR yet, then buy EUR upon a break above 1.6488 and use the same stop at 1.6290.

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