Elliott wave analysis of EUR/NZD for November 2, 2017


Wave summary:

We continue to look for more downside pressure towards 1.6545 to complete wave ii. Short-term, a minor rally towards 1.6911 could be seen before the expected dip to 1.6545 from where wave iii higher to 1.7977 is expected to take over.

Only a direct break above 1.6987 and more important a break above resistance at 1.7059 will confirm wave iii already is developing.

R3: 1.6954

R2: 1.6911

R1: 1.6857

Pivot: 1.6785

S1: 1.6712

S2: 1.6660

S3: 1.6545

Trading recommendation:

We bought EUR at 1.6890 with our stop placed at 1.6794. We will take half profit at 1.6910 and half profit again at 1.6955

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