Elliott wave analysis of EUR/NZD for November 9 - 2017

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Wave summary:

EUR/NZD continues to follow the expected path lower towards the ideal downside target at 1.6545 from where a new impulsive rally towards 1.7770 is expected.

Short-term minor resistance is seen at 1.6750 and a break above here will be the first indication that wave ii has completed and wave iii higher is developing. To confirm that wave iii indeed is developing a break above resistance at 1.6813 is needed.

R3: 1.7059

R2: 1.6890

R1: 1.6813

Pivot: 1.6750

S1: 1.6614

S2: 1.6545

S3: 1.6518

Trading recommendation:

We are short EUR from 1.6790 and will move our stop+revers lower to 1.6770. Take profit+reverse remain at 1.6565.

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