Elliott wave analysis of EUR/NZD for November 23, 2018

analytics5bf7a6a19ad28.png

We are still looking for a clear break above minor resistance at 1.6767 for a continuation of the ongoing correction towards at least 1.6914 and likely even closer to resistance at 1.7023.

Only an unexpected break below support at 1.6683 and more importantly a break below support at 1.6560 will indicate that wave iv/ completed prematurely and wave v lower to 1.6250 already is unfolding.

R3: 1.6879

R2: 1.6836

R1: 1.6832

Pivot: 1.6767

S1: 1.6731

S2: 1.6706

S3: 1.6642

Trading recommendation:

We are long EUR from 1.6706 with our stop placed at 1.6555. We will raise our stop to break-even upon a break above 1.6767.

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