FX.co ★ Elliott wave analysis of EUR/NZD for December 12, 2017

Wave summary:

EUR/NZD has reached its 1.7000 target and could still move a little lower towards 1.6922 as long as minor resistance at 1.7057 is able to cap the upside. That said, a corrective low should be close at hand for renewed upside pressure towards 1.7480 on the way towards 1.7777.

R3: 1.7147

R2: 1.1714

R1: 1.7057

Pivot: 1.7010

S1: 1.6984

S2: 1.6920

S3: 1.6851

Trading recommendation:

We are short EUR from 1.7200. We will move our stop lower to 1.7065.