Elliott wave analysis of EUR/NZD for December 8, 2017

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Wave summary:

We continue to look for renewed downside pressure towards at least 1.7077 and below will call for a decline to 1.7000. Short-term resistance is seen at 1.7265, which we expected will cap the upside, but in the case of a break above here, backup resistance is seen at 1.7308.

R2: 1.7308

R2: 1.7265

Pivot: 1.7195

S1: 1.7155

S2: 1.7100

S3: 1.7077

Trading recommendation:

We will sell here at 1.7200 with our stop placed at 1.7275.

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