Elliott wave analysis of EUR/NZD for November 30, 2017

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Wave summary:

EUR/NZD tried to break below short-term important support at 1.7100, which failed and the result is a bounce back to near the top at 1.7393. We expect this resistance will continue to protect the upside for renewed downside pressure towards 1.7100 and a clear break below will call for a decline towards 1.6615 to complete wave ii.

Only a direct break above important resistance at 1.7408 will force a revision of our long-term count a call for a direct rally towards 1.8000.

R3: 1.7408

R2: 1.7394

R1: 1.7355

Pivot: 1.7300

S1: 1.7270

S2: 1.7213

S3: 1.7158

Trading recommendation:

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

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