FX.co ★ Elliott wave analysis of EUR/NZD for November 22, 2017

Wave summary:

The odds still favor that wave i peaked at 1.7408 and a deeper correction is developing in wave ii. The ideal downside target for wave ii is seen near 1.6619. That said, we still need a firm break below support seen at 1.7100 to confirm that wave ii indeed is developing.

Resistance is now seen at 1.7300 and again at 1.7334. The later should cap the upside for the next move lower.

R3: 1.7408

R2: 1.7334

R1: 1.7300

Pivot: 1.7100

S1: 1.7058

S2: 1.6916

S3: 1.6805

Trading recommendation:

We took profit and sold EUR at 1.7200 for a nice 430 pips profit. We are now short EUR from 1.7200 and will place our stop at 1.7415.