Elliott wave analysis of EUR/NZD for December 15, 2017

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Wave summary:

EUR/NZD spiked higher to 1.6965 before tuning lower again. The failure to sustain the break above 1.6955 calls for more downside pressure towards 1.6720 before a low likely is in place. Short-term minor resistance is seen at 1.6873 and a break above here will be the first warning that a low has been found.

R3: 1.6965

R2: 1.6873

R1: 1.6836

Pivot: 1.6820

S1: 1.6751

S2: 1.6720

S3: 1.6695

Trading recommendation:

Our stop at 1.6955 was hit for a nice profit of 245 pips. We will be looking for a new buying opportunity and will buy a break above 1.6873.

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

Source:: Elliott wave analysis of EUR/NZD for December 15, 2017

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