Elliott wave analysis of EUR/NZD for December 22, 2017


Wave summary:

EUR/NZD continues to follow the expected path and with support at 1.6865 tested wave ii should be over soon for a break above minor resistance at 1.6940 for more upside pressure in wave iii towards at least 1.7375 on the way higher to the long-term target near 1.7777.

R3: 1.7064

R2: 1.6993

R1: 1.6940

Pivot: 1.6855

S1: 1.6822

S2: 1.6802

S3: 1.6780

Trading recommendation:

We are long EUR from 1.6873 with our stop placed at 1.6795.

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