Elliott wave analysis of EUR/NZD for November 9, 2018

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EUR/NZD is likely building a bottom near 1.6800 for a corrective rally towards at least 1.7225 and likely even closer to 1.7359.

In the short term, we need a break above minor resistance at 1.6912 to confirm that wave i/ or a/ has completed and a correction in wave ii/ or b/ is developing towards at least 1.7225 and as said possibly even closer to 1.7359.

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