Elliott wave analysis of EUR/NZD for October 27, 2017

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Wave summary:

As long as minor support at 1.6958 is able to protect the downside, we will be looking for more upside towards 1.7454 and 1.7777 as the next upside targets. If, however, minor support at 1.6958 gives away, that shifts the preferred if favor of wave i completing the test of 1.7216 and a corrective decline in wave ii developing towards the 1.6165 - 1.6216 area before moving higher again in wave iii.

R3: 1.7273

R2: 1.7216

R1: 1.7073

Pivot: 1.6958

S1: 1.6877

S2: 1.6784

S3: 1.6710

Trading recommendation:

We are long EUR from 1.6840 with stop placed at 1.6950.

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