Elliott wave analysis of EUR/NZD for November 27 - 2018

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We are still looking for a firm break above minor resistance at 1.6767 for a continuation higher to at least 1.6915 and likely even closer to resistance near 1.7023,

Short-term support is seen 1.6698, which ideally will protect the downside for the expected break above 1.6767, but it will take an unexpected break below support at 1.6638 to cause concern and indicate that wave iv/ could have completed prematurely.

R3: 1.6879

R2: 1.6836

R1: 1.6832

Pivot: 1.6767

S1: 1.16731

S2: 1.6706

S3: 1.6642

Trading recommendation:

We are long EUR from 1.6706 with our stop placed at 1.6555. We will raise our stop to break-even upon a break above 1.6767.

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