Elliott wave analysis of EUR/NZD for December 11, 2017

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Wave summary:

We have seen the expected decline and with the break below 1.7077 and continuation closer to 1.7000 is expected. Short-term resistance is now seen at 1.7105 and stronger resistance is seen at 1.7150, which should be able to cap the upside for the expected decline to 1.7000 and maybe even closer to 1.6922.

R3: 1.7220

R2: 1.7150

R1: 1.7105

Pivot: 1.7077

S1: 1.7050

S2: 1.7000

S3: 1.6981

Trading recommendation:

We are short EUR from 1.7200 and will move our stop lower to 1.7125.

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