Elliott wave analysis of EUR/NZD for November 16, 2017

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Wave summary:

EUR/NZD is currently testing the previous high at 1.7216. This resistance will likely be able to cap the upside shortly, but it should just be a matter of time before this resistance is broken for a continuation higher towards 1.7770 as the next upside target.

Short-term support is seen at 1.1714 and again at 1.7085. The later is expected to protect the downside of the break above 1.7216.

R3: 1.7439

R2: 1.7273

R1: 1.7216

Pivot: 1.7114

S1: 1.7085

S2: 1.7068

S3: 1.7049

Trading recommendation:

We are long EUR from 1.6770 with stop placed at 1.6900.

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