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


Wave summary:

EUR/NZD spiked below support at 1.7096 yesterday, but failed to follow through. We expect another test of this short-term important support soon will be seen. This time a successful break below is expected for a continuation lower towards 1.6615 in wave ii.

That said, we must allow for the correction from 1.7077 to extend closer to 1.7272 before turning lower again.

R3: 1.7272

R2: 1.7234

R1: 1.7210

Pivot: 1.7139

S1: 1.7077

S2: 1.7045

S3: 1.7000

Trading recommendation:

We are short EUR from 1.7200 with stop placed at 1.7400.

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

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

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