Elliott wave analysis of EUR/NZD for December 14, 2018

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EUR/NZD has rallied nicely and as expected into the target-zone between 1,.6694 - 1.6760. We will be looking for a corrective top in this area for a new impulsive decline in wave v towards the ideal target near 1.6169.

Short-term support is found at 1.6622 and important support is seen at 1.6533. A break below the later will indicate that the corrective top in wave iv is in place and wave v lower is developing.

R3: 1.6760

R2: 1.6728

R1: 1.6693

Pivot: 1.6622

S1: 1.6577

S2: 1.6533

S3: 1.6477

Trading recommendation:

Our take profit at 1.6675 was hit for a nice 195 pips profit. We will sell EUR at 1.6755 with a stop placed at 1.6805.

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