Elliott wave analysis of EUR/NZD for October 19, 2017

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Wave summary:

We were looking for a b-wave rally to 1.6584, this target has been spiked as the high has been seen at 1.6662. The high at 1.6662 likely was the top for wave b and wave c to below 1.6298 closer to 1.6150 is now expected. To confirm wave c lower has taken over, we need a break below 1.6500 and more importantly a break below 1.6441.

R3: 1.6715

R2: 1.6687

R1: 1.6662

Pivot: 1.6530

S1: 1.6500

S2: 1.6441

S3: 1.6390

Trading recommendation:

Unfortunately, our stop at 1.6635 was hit for a loss. We will sell EUR again here at 1.6635 with the stop placed at 1.6675.

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