Elliott wave analysis of EUR/NZD for November 6, 2017

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Wave summary:

We are looking for more downside pressure in wave ii closer to support at 1.6545 before the next impulsive rally in wave iii should be expected.

Short-term resistance at 1.6914 is likely to cap the upside for expected decline lower. A break below minor support at 1.6831 will confirm renewed downside pressure.

R3: 1.6951

R2: 1.6914

R1: 1.6894

Pivot: 1.6831

S1: 1.6762

S2: 1.6712

S3: 1.6660

Trading recommendation:

We are short EUR from 1.6790 and we will place our stop at 1.6925.

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