Elliott wave analysis of EUR/NZD for November 16, 2017
November 16, 2017 7:24 am
Wave summary:
EUR/NZD is currently testing the previous high at 1.7216. This resistance will likely be able to cap the upside shortly, but it should just be a matter of time before this resistance is broken for a continuation higher towards 1.7770 as the next upside target.
Short-term support is seen at 1.1714 and again at 1.7085. The later is expected to protect the downside of the break above 1.7216.
R3: 1.7439
R2: 1.7273
R1: 1.7216
Pivot: 1.7114
S1: 1.7085
S2: 1.7068
S3: 1.7049
Trading recommendation:
We are long EUR from 1.6770 with stop placed at 1.6900.
The material has been provided by InstaForex Company – www.instaforex.com
Wave summary:
EUR/NZD is currently testing the previous high at 1.7216. This resistance will likely be able to cap the upside shortly, but it should just be a matter of time before this resistance is broken for a continuation higher towards 1.7770 as the next upside target.
Short-term support is seen at 1.1714 and again at 1.7085. The later is expected to protect the downside of the break above 1.7216.
R3: 1.7439
R2: 1.7273
R1: 1.7216
Pivot: 1.7114
S1: 1.7085
S2: 1.7068
S3: 1.7049
Trading recommendation:
We are long EUR from 1.6770 with stop placed at 1.6900.
The material has been provided by InstaForex Company – www.instaforex.com
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