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

Posted On 20 Dec 2017

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

About the Author

InstaForex brand was created in 2007 and at the moment it’s a top choice of more than 2,000,000 traders. More than 1,000 clients open accounts with InstaForex every day. All InstaForex clients get great opportunities for effective trading on the forex market, as well as on-time technical and customer support