Elliott wave analysis of EUR/NZD for December 13, 2017

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Wave summary:

EUR/NZD moved lower to 1.6922 and even broke through this support too. It could be a case of undershooting its target. If this is the case, then a break back above minor resistance at 1.6969 and more importantly a break above resistance at 1.7057 should be seen soon.

A failure to break back above minor resistance at 1.6969 will keep the downside pressure intact for a possible move lower to 1.6810.

R3: 1.7113

R2: 1.7057

R1: 1.6969

Pivot: 1.6942

S1: 1.6885

S2: 1.6810

S3: 1.6755

Trading recommendation:

We are short EUR from 1.7200. We will move our stop lower to 1.6975.

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