Elliott Wave Analysis of EUR/NZD for September 22, 2017

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Wave summary:

Red wave iv stopped cold at 1.6137 and turned strongly higher and a break above minor resistance at 1.6441 will confirm that red wave iv has completed and red wave v higher towards 1.6875 is developing.

A minor break above 1.6441 will likely be followed by a correction to 1.6245 before turning higher again for the expected rally to 1.6875.

R3: 1.6536

R2: 1.6488

R1: 1.6441

Pivot: 1.6400

S1: 1.6343

S2: 1.6245

S3: 1.6167

Trading recommendation:

We missed our buying opportunity at 1.6060. We will place a new EUR-buy order at 1.6265 with stop placed at 1.6150.

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