Elliott wave analysis of EUR/NZD for November 7, 2017

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Wave summary:

We continue to look for more downside pressure towards 1.6545 to complete wave ii and set the stage for a new impulsive rally in wave iii towards 1.7770. Short-term resistance is now seen at 1.6760, which ideally will cap the upside for the expected decline to 1.6545

R3: 1.6890

R2: 1.6800

R1: 1.6760

Pivot: 16695

S1: 1.6686

S2: 1.6636

S3: 1.6545

Trading recommendation:

We are short EUR from 1.6790 and we will move our stop lower to 1.6890. Take profit will be placed at 1.6565.

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