Elliott wave analysis of EUR/NZD for October 25, 2017

Wave summary:

EUR/NZD is now testing the channel resistance-line near 1.7040, which could cap the upside for the short-term and cause a new minor correction close to 1.6784 before the next strong rally should be expected for a clear break above the channel resistance-line this time and a continuation higher to 1.7777.

Short-term a break below minor support at 1.6958 will confirm more downside pressure to 1.6784 before up again.

R3: 1.7273

R2: 1.7118

R1: 1.7083

Pivot: 1.6958

S1: 1.6913

S2: 1.6784

S3: 1.6690

Trading recommendation:

We are long EUR from 1.6840 and will move our stop higher to 1.6950.

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