Elliott wave analysis of EUR/NZD for September 4, 2017

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Wave summary:

We continue to look for a corrective decline towards 1.6348 and likely closer to 1.6171 before the next strong rally higher towards 1.6969 and above. Short-term a break below minor support at 1.6521 and more importantly a break below support at 1.6433 will add confidence in our call for a deeper correction before higher again.

R3: 1.6710

R2: 1.6632

R1: 1.6617

Pivot: 1.6520

S1: 1.6433

S2: 1.6348

S3: 1.6171

Trading recommendation:

We are look for a new EUR-buying opportunity in the 1.6171 - 1.6348 area.

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