Elliott wave analysis of EUR/NZD for November 14, 2017

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Wave summary:

There was no time for a correction to 1.6614. EUR/NZD moved straightly higher as wave iii of (iii) of 3 is gathering traction towards the next upside target at 1.7770 and 1.8430 longer terms.

Support is now seen at 1.6855, this support will ideally protect the downside for the rally through 1.7216 on the way higher to 1.7770.

R3: 1.7216

R2: 1.7119

R1: 1.7059

Pivot: 1.6855

S1: 1.6781

S2: 1.6678

S3: 1.6614

Trading recommendation:

We are long EUR from 1.6770. We will move our stop higher to 1.6750.

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