Elliott wave analysis of EUR/NZD for December 17, 2018

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EUR/NZD turned lower from 1.6728 right from the middle of our target-zone between 1.6694 - 1.6760. The strong decline from the peak of wave iv at 1.6728 confirms wave v lower to 1.6169 now is in motion.

Short-term, we are looking for resistance near 1.6675, which we expected will cap the upside for the next strong decline to below 1.6590 and more importantly below support at 1.6527 that should accelerate prices lower towards the long-term target at 1.6169.

R3: 1.6728

R2: 1.6702

R1: 1.6675

Pivot: 1.6636

S1: 1.6612

S2: 1.6590

S3: 1.6527

Trading recommendation:

We will sell EUR at 1.6665 or upon a break below 1.6620 and we will place our stop at 1.6735.

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