Elliott wave analysis of EUR/NZD for December 4, 2018

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The decline from 1.7929 has more downside to cover and broke below support at 1.6384 for a dip to 1.6335. A clear loss of downside momentum (positive divergence for RSI), should limit the potential downside. A break above minor resistance at 1.6396, will be the first good indication that a low is in place and a corrective rally towards 1.6791 has begun. While a break above resistance at 1.6471 confirms the low and the corrective rally higher.

R3: 1.6542

R2: 1.6471

R1: 1.6396

Pivot: 1.6375

S1: 1.6334

S2: 1.6298

S3: 1.6237

Trading recommendation:

Our stop at 1.6380 was hit. We will re-buy EUR upon a break above 1.6396.

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