Elliott wave analysis of EUR/NZD for November 13, 2017

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Wave summary:

We continue to look for a new impulsive rally towards 1.7770 as the next larger upside target. Short term, we expect support at 1.6614 will protect the downside for a break above minor resistance at 1.6890 for a rally to and above resistance at 1.7216.

R3: 1.7216

R2: 1.7059

R1: 1.6853

Pivot: 1.6695

S1: 1.6614

S2: 1.6545

S3: 1.6518

Trading recommendation:

We are long EUR from 1.6770 with stop placed at 1.6610.

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