Elliott Wave Analysis of EUR/NZD for September 21, 2017

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Wave summary:

Red wave iv continues to extend lower. By breaking below support at 1.6269, the next possible target for red wave iv is seen in the 1.5993 - 1.6055 area from where the next impulsive rally towards 1.6763 is expected.

R3: 1.6690

R2: 1.6533

R1: 1.6441

Pivot: 1.6262

S1: 1.6200

S2: 1.6137

S3: 1.6055

Trading recommendation:

Our stop at 1.6255 was hit for a loss. We are looking for a new EUR-buying opportunity at 1.6060 with stop placed at 1.5960.

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