Elliott wave analysis of EUR/NZD for November 15, 2017

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Wave summary:

The rally here is clearly a wave iii of (iii) of 3 rally. It's strong with almost no time for corrections.

We are still looking for more upside towards 1.7770 as the next target on the way higher to 1.8430 longer term. Support is now seen at 1.7114 and again at 1.7049. The later is expected to be able to protect the downside for the next push higher.

R3: 1.7273

R2: 1.7216

R1: 1.7174

Pivot: 1.7114

S1: 1.7085

S2: 1.7068

S3: 1.7049

Trading recommendation:

We are long EUR from 1.6770 and will move our stop higher to 1.6900.

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