Elliott wave analysis of EUR/NZD for November 8, 2018

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EUR/NZD keeps pushing lower. While still overextended towards the downside, we must accept that as long as minor resistance at 1.6912 is able to cap the upside, more downside pressure towards the next support at 1.6784 .

Only a break above the minor resistance at 1.6912 will ease the downside pressure, while a break above resistance at 1.7074 will confirm that wave a/ or i/ has completed and a rally towards at least 1.7236 should be seen.

R3: 1.7074

R2: 1..6997

R1: 1.6912

Pivot: 1.6858

S1: 1.6807

S2: 1.6784

S3: 1.6733

Trading recommendation:

We will buy EUR upon a break above 1.6912.

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