Elliott wave analysis of EUR/NZD for November 1, 2017

Wave summary;

The failure to sustain the rally from 1.6821 indicates that the rally to 1.7059 only was corrective and more downside pressure should be expected towards 1.6545 and possibly even closer to 1.6341.

A break below support at 1.6821 will change that count in favor of the above depicted. This count shows that wave i completed the test of 1.7216 and the ongoing correction is a wave ii correction.

R3: 1.7059

R2: 1.6955

R1: 1.6909

Pivot: 1.6820

S1: 1.6794

S2: 1.6712

S3: 1.6660

Trading recommendation:

We bought EUR at 1.6890 with stop placed at 1.6794. We will take half profit at 1.6910 and half profit again at 1.6955.

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