Elliott wave analysis of EUR/NZD for December 5, 2017

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Wave summary:

EUR/NZD has broken below support at 1.7210 confirming the expectation of wave c of iv lower to 1.7035 as the first target for wave c. Short-term, minor resistance at 1.7244 ideally will cap the upside for a continuation lower towards 1.7077 and 1.7035 as the next downside targets.

Only a break above resistance at 1.7319 will question the expected downside pressure.

R3: 1.7319

R2: 1.7276

R1: 1.7244

Pivot: 1.7190

S1: 1.7155

S2: 1.7098

S3: 1.7077

Trading recommendation:

We are short EUR from 1.7450. We will move our stop lower to 1.7325. Take profit stays at 1.7050.

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