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Elliott wave analysis of EUR/NZD for November 27, 2017

Posted On 27 Nov 2017
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Wave summary:

Our preferred count remains that the rally from 1.7157 is corrective and soon should tune lower again. We continue to expect that the former top at 1.7408 will cap the upside for a break below minor support at 1.7276 confirming renewed downside pressure towards 1.7136 and below here confirms a deeper corrective decline towards 1.6619 before the next impulsive rally towards 1.8000 takes over.

R3: 1.7467

R2: 1.7418

R1: 1.7408

Pivot: 1.7276

S1: 1.7234

S2: 1.7136

S3: 1.7100

Trading recommendation:

We are short EUR from 1.7200 with our stop placed at 1.7415.

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

Source:: Elliott wave analysis of EUR/NZD for November 27, 2017

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