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12.12.201807:27 Forex Analysis & Reviews: Elliott wave analysis of EUR/NZD for December 12, 2018

Long-term review

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The corrective decline from 1.6641 has been much deeper than expected. Support at 1.6495 held at first for a rally through minor resistance at 1.6545 for a continuation higher to 1.6586, but found strong resistance here, that caused a new decline to below 1.6495 for a continuation lower to 1.6426. This should be enough to complete wave b and set the stage for the final rally in wave c into the resistance-zone between 1.6694 - 1.6760 from where the next decline towards 1.6169 is expected.

R3: 1.6586

R2: 1.6508

R1: 1.6495

Pivot: 1.6459

S1: 1.6426

S2: 1.6398

S3: 1.6378

Trading recommendation:

Our buy from 1.6545 was stopped out at 1.6485 for a minor loss. We will re-buy EUR upon a break above 1.6479 and place our stop at 1.6420

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