Elliott wave analysis of EUR/NZD for November 10, 2017

analytics5a05320776d9e.png

Wave summary:

Wave II seems to have bottomed already at 1.6614 and wave III ready to develop. We still need a firm break above minor resistance at 1.6813 to confirm this view. Short-term, we ill be looking for support near 1.6690 to protect the downside for the next impulsive rally higher to 1.7216 and above towards 1.7770 in wave iii.

Even if the 1.6614 low is broken again, the downside should be limited to 1.6545 to complete wave ii.

R3: 1.7216

R2: 1.7059

R1: 1.6831

Pivot: 1.6690

S1: 1.6614

S2: 1.6545

S3: 1.6518

Trading recommendation:

Our stop+reverse at 1.6770 has been hit for a small profit of 20 pips and we are now long EUR at 1.6770 and we will place our stop at 1.6610.

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