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21.12.201807:39 Forex Analysis & Reviews: Elliott wave analysis of EUR/NZD for December 21, 2018

Long-term review

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The correction in the wave iv should be close to its end. Ideally, we will see a final spike above 1.7015 where a peak of a new impulsive decline in the wave v towards 1.6166 is expected.

In the short-term, a break below minor support at 1.6777 will be a strong indication that the wave iv correction is completed, while a break below support at 1.6533 will confirm that the wave v is developing.

R3: 1.7071

R2: 1.7015

R1: 1.6965

Pivot: 1.6921

S1: 1.6878

S2: 1.6777

S3: 1.6725

Trading recommendation:

We will sell EUR at 1.7010 or, after a break, below 1.6777.

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