Elliott wave analysis of EUR/NZD for October 11, 2017

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Wave summary:

EUR/NZD is currently testing the "old" top at 1.6690, but it should just be a matter of time before a break above here is seen as a continuation higher to 1.6712 and 1.7038 as the next upside targets.

Support is now seen at 1.6563, which should be able to protect the downside for the next rally higher.

R3: 1.6763

R2: 1.6712

R1: 1.6690

Pivot: 1.6650

S1: 1.6627

S2: 1.6600

S3: 1.6563

Trading recommendation:

We are long EUR from 1.6365 and we will move our stop higher to 1.6550. If you are not long EUR yet, then buy near 1.6630 or upon a break above 1.6690 and use the same stop at 1.6650.

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