Elliott wave analysis of EUR/NZD for October 23, 2017

Wave summary:

We continue to look for more upside pressure towards 1.7208 and above here, will confirm continuation higher towards 1.8000. Short-term support is seen at 1.6816, which ideally will protect the downside for the expected rally higher to 1.7208 and above.

That said, the minor correction from 1.6593 could extend closer to 1.6745 before moving higher again.

R3: 1.7030

R2: 1.7000

R1: 1.6969

Pivot: 1.6950

S1: 1.6870

S2: 1.6836

S3: 1.6816

Trading recommendation:

WE will buy EUR at 1.6840 or upon a break above 1.6960.

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