Elliott wave analysis of EUR/NZD for December 7, 2017

analytics5a28f8c22c6f4.png

Wave summary:

Once again EUR/NZD failed to break below support seen at 1.7077 (the low was seen at 1.7100). The rally following the 1.7100 low does begin to look constructive, but only a clear break above resistance at 1.7342 will indicate a corrective low already could be in place.

We do think the correction from 1.7409 has been very short both in points and time and would expect a larger correction as wave (4), but it might be that the complexity just is rising.

R3: 1.7342

R2: 1.7319

R1: 1.7264

Pivot: 1.7195

S1: 1.7157

S3: 1.7100

Trading recommendation:

Our short position from 1.7450 has been stopped at 1.7250 for a 200 pip profit. We will stay neutral for now.

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