Elliott wave analysis of EUR/NZD for September, 2017

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Wave summary:

We continue to look for support at 1.6407 to be able to protect the downside for a continuation higher towards 1.6969. Ideally minor support at 1.6485 6 will be able to protect the downside for the next break above 1.6690 confirming more upside towards 1.6969. But only an unexpected break below 1.6407 will delay the expected rally higher.

R3: 1.6969

R2: 1.6758

R1: 1.6690

Pivot: 1.6600

S1: 1.6485

S2: 1.6407

S3: 1.6315

Trading recommendation:

We are long EUR from 1.6611 with stop placed at 1.6400. If you are not long EUR yet, then buy near 1.6485 or upon a break above 1.6625 and use the same stop at 1.6400

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

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

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