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Elliott wave analysis of EUR/NZD for November 19, 2018

analytics5bf2764667cb9.png

EUR/NZD tested the top of the 1.6468 - 1.6563 target-zone and it looks as a bottom could be in place for wave iii/ and a corrective rally in wave iv/ is about to develop. Ideally this corrective rally will move close to the 50% corrective target of wave iii/ near 1.7023, before tuning lower again in wave v/.

To confirm that wave iii/ has bottomed and wave iv is developing, we will need a break above minor resistance at 1.6706.

R3: 1.6793

R2: 1.6731

R1: 1.6706

Pivot: 1.6660

S1: 1.6570

S2: 1.6539

S3: 1.6523

Trading recommendation:

We will buy EUR at 1.6525 or upon a break above 1.6706.

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