FX.co ★ Elliott wave analysis of EUR/NZD for November 28, 2017

Wave summary:

The corrective rally from 1.7134 was stronger than expected but peaked at 1.7393 and renewed downside pressure towards 1.6619 is now expected. A break below support at 1.7134 will confirm the expected decline.

Short-term resistance is seen at 1.7296 that should be able to cap the upside for the break below important support at 1.7134.

R3: 1.7296

R2: 1.7249

R1: 1.7220

Pivot: 1.7134

S1: 1.7100

S2: 1.7045

S3: 1.7000

Trading recommendation:

We sold EUR at 1.7200 with our stop placed at 1.7415.