Elliott wave analysis of EUR/NZD for December 6, 2018

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Wave iii have finally bottomed and a correction in wave iv is now expected towards at least 1.6694 and likely even closer to the peak of wave iv at 1.6767.

Short-term support is now seen in the 1.6434 - 1.6464 area, which is expected to protect the downside for the rally higher to 1.6694

R3: 1.6694

R2: 1.6614

R1: 1.6540

Pivot: 1.6470

S1: 1.6464

S2: 1.6434

S3: 1.6407

Trading recommendation:

We are long EUR from 1.6400 and we will place our stop at break-even.

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