Elliott wave analysis of EUR/NZD for September 15, 2017

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Wave summary:

Ideally the minor support at 1.6327 will continue to protect the downside for a rally above 1.6570 confirming, that red wave v higher towards at least 1.6883 is developing. Longer term, we continue to look for much higher levels for this cross, but sometimes this cross move is slow-motion and is not really going anywhere.

R3: 1.6624

R2: 1.6569

R1: 1.6532

Pivot: 1.6485

S1: 1.6415

S2: 1.6332

S3: 1.6309

Trading recommendation:

We are long EUR from 1.6395 with stop placed at 1.6295. If you are not long EUR yet, then buy a break above 1.6569 and use the same stop at 1.6295.

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