Elliott wave analysis of EUR/NZD for November 24, 2017

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Wave summary:

The ongoing minor correction from 1.7136 is expected to peak between 1.7237 - 1.7265 for continuation of the correction in wave ii towards 1.6619. In the short term a break below minor support at 1.7184 will indicate that EUR/NZD is ready to challenge important support at 1.7100 and a break below here will confirm the expected corrective decline to 1.6619.

R3: 1.7408

R2: 1.7334

R1: 1.7265

Pivot: 1.7100

S: 1.7058

S2: 1.6916

S3: 1.6805

Trading recommendation:

We are short EUR from 1.7200 with our stop placed at 1.7415

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