Elliott wave analysis of EUR/NZD for November 20, 2017
November 20, 2017 8:23 am
Wave summary:
We have seen a nice rally above 1.7216, but something is not right… The momentum indicators are not confirming the rally, which had us review the rally from 1.5227. The rally from 1.5227 to 1.7408 could be counted as a complete impulsive rally (see above) If this is correct, then a deeper corrective decline closer to at least 1.6614 and possibly even closer to 1.6298 should be expected in wave ii before the next rally higher.
Short-term a break below minor resistance at 1.7100 will favor this outcome.
R3: 1.7408
R2: 1.7325
R1: 1.7217
Pivot: 1.7100
S1: 1.7058
S2: 1.6916
S3: 1.6805
Trading recommendation:
We are long EUR from 1.6770 and we will move our stop higher to 1.7085
The material has been provided by InstaForex Company – www.instaforex.com
Wave summary:
We have seen a nice rally above 1.7216, but something is not right… The momentum indicators are not confirming the rally, which had us review the rally from 1.5227. The rally from 1.5227 to 1.7408 could be counted as a complete impulsive rally (see above) If this is correct, then a deeper corrective decline closer to at least 1.6614 and possibly even closer to 1.6298 should be expected in wave ii before the next rally higher.
Short-term a break below minor resistance at 1.7100 will favor this outcome.
R3: 1.7408
R2: 1.7325
R1: 1.7217
Pivot: 1.7100
S1: 1.7058
S2: 1.6916
S3: 1.6805
Trading recommendation:
We are long EUR from 1.6770 and we will move our stop higher to 1.7085
The material has been provided by InstaForex Company – www.instaforex.com
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