Elliott wave analysis of EUR/NZD for October 17, 2017

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Wave summary:

Wave a of ii completed with a spike to 1.6341 and wave b towards at least 1.64755 and possibly even closer to 1.6529 should now be expected before the final decline in wave c close to 1.6160 to complete wave ii and set the stage for the next strong rally higher.

R3: 1.6584

R2: 1.6529

R1: 1.6475

Pivot: 1.6415

S1: 1.6397

S2: 1.6375

S3: 1.6341

Trading recommendation:

We will sell EUR at 1.6525 and place stop at 1.6635.

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