Elliott wave analysis of EUR/NZD for November 8, 2017

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Wave summary:

EUR/NZD is currently correcting the rally from 1.6298 and as long as minor resistance at 1.6790 and more importantly as long as resistance at 1.6890 is able to cap the upside, we continue to look for a little more downside pressure towards 1.6545 before completing this corrective decline and turning prices higher in the next impulsive rally towards 1.7770 and above.

R3: 1.6953

R2: 1.6890

R1: 1.6790

Pivot: 1.6750

S1: 1.6686

S2: 1.6636

S3: 1.6545

Trading recommendation:

We are short EUR from 1.6790 with our stop placed at 1.6890 and take profit placed at 1.6565.

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