Elliott wave analysis of EUR/NZD for December 20, 2017

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Wave summary:

EUR/NZD has rallied nicely and more upside pressure is expected through resistance seen at 1.7107 for a retest of the 1.7479 high on the way towards 1.7770.

Support is now seen at 1.6943 and should ideally protect the downside for the expected rally higher, but even if this support is broken, then back-up support is seen at 1.6883.

R3: 1.7265

R2: 1.7167

R1: 1.7107

Pivot: 1.6943

S1: 1.6883

S2: 1.6802

S3: 1.6744

Trading recommendation:

We are long EUR from 1.6873 and we will move our stop higher to 1.6795.

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

Source:: Elliott wave analysis of EUR/NZD for December 20, 2017

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