Elliott wave analysis of EUR/NZD for December 29, 2017

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Wave summary:

A bottom is likely building for wave ii, but we still need a break above minor resistance at 1.6927 to confirm that wave iii is developing for a rally towards at least 1.7348 on the way higher to the ideal 1.7777 target.

Support at 1.6800 should continue to protect the downside for the expected break above 1.6927, but only a break below 1.6744 will force a re-count.

R3: 1.7064

R2: 1.6993

R1: 1.6927

Pivot: 1.6876

S1: 1.6800

S2: 1.6780

S3: 1.6744

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

Source:: Elliott wave analysis of EUR/NZD for December 29, 2017

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