Elliott wave analysis of EUR/NZD for November 17, 2017

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Wave summary:

EUR/NZD continues to rally as expected and has now broken above the form top at 1.7216 as the rally higher towards the next target seen at 1.7770 continues.

Support is now seen at 1.7201 and again at 1.7121. The latter will ideally protect the downside for the expected rally higher towards 1.7770.

R3: 1.7665

R2: 1.7494

R1: 1.73333

Pivot: 1.7200

S1: 1.7121

S2: 1.7175

S3: 1.7059

Trading recommendation:

We are long EUR from 1.6770 and will move our stop higher to 1.7025.

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