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Elliott wave analysis of EUR/NZD for December 28, 2018

analytics5c25b7d8a02e2.png

Wave iv is extending and has tested the 50% corrective target at 1.7105. The unexpected rally to the 50% corrective target has been followed by divergence on the RSI, indicating near-term exhaustion of the rally in the wave iv.

In the short term, a break below minor support at 1.7000 will be the first good indication that the wave iv has completed, while a break below support at 1.6950 will confirm that the wave iv is complete and the wave v lower to at least 1.1615 is developing.

R3: 1.7288

R2: 1.7247

R1: 1.7165

Pivot: 1.7105

S1: 1.7043

S2: 1.7000

S3: 1.6950

Trading recommendation:

We are short EUR from 1.6975 and has placed our stop at 1.7185

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