Elliott wave analysis of EUR/NZD for December 18, 2018

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After a relief rally to 1.6695 EUR/NZD sold off strongly to confirm our bearish outlook and should be headed lower in wave v towards at least 1.6116.

In the short term we see resistance at 1.6587 which ideally will be able to cap the upside for continuation below support at 1.6511 that confirms more downside pressure towards 1.6427 on the way lower to the first wave v target at 1.6116.

R3: 1.6698

R2: 1.6616

R1: 1.6587

Pivot: 1.6564

S1: 1.6538

S2: 1.6510

S3: 1.6480

Trading recommendation:

We sold EUR at 1.6665 and we will move our stop lower to 1.6705.

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