Elliott wave analysis of EUR/NZD for December 13, 2017
December 13, 2017 11:21 am
Wave summary:
EUR/NZD moved lower to 1.6922 and even broke through this support too. It could be a case of undershooting its target. If this is the case, then a break back above minor resistance at 1.6969 and more importantly a break above resistance at 1.7057 should be seen soon.
A failure to break back above minor resistance at 1.6969 will keep the downside pressure intact for a possible move lower to 1.6810.
R3: 1.7113
R2: 1.7057
R1: 1.6969
Pivot: 1.6942
S1: 1.6885
S2: 1.6810
S3: 1.6755
Trading recommendation:
We are short EUR from 1.7200. We will move our stop lower to 1.6975.
The material has been provided by InstaForex Company – www.instaforex.com
Wave summary:
EUR/NZD moved lower to 1.6922 and even broke through this support too. It could be a case of undershooting its target. If this is the case, then a break back above minor resistance at 1.6969 and more importantly a break above resistance at 1.7057 should be seen soon.
A failure to break back above minor resistance at 1.6969 will keep the downside pressure intact for a possible move lower to 1.6810.
R3: 1.7113
R2: 1.7057
R1: 1.6969
Pivot: 1.6942
S1: 1.6885
S2: 1.6810
S3: 1.6755
Trading recommendation:
We are short EUR from 1.7200. We will move our stop lower to 1.6975.
The material has been provided by InstaForex Company – www.instaforex.com
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