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14.12.201708:36 Forex Analysis & Reviews: Elliott wave analysis of EUR/NZD for December 14, 2017

Long-term review

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Wave summary:

EUR/NZD continues to push lower as it failed to break back above minor resistance at 1.6969 (the high was seen at 1.6942, which now acts the minor resistance to break). As long as minor resistance at 1.6942 is able to cap the upside as long will the downside pressure remain, with the possibility of a continuation lower to 1.6720, That said, the decline from 1.7493 is looking tired and a bottom is expected soon.

R3: 1.7079

R2: 1.7000

R1: 1.6942

Pivot: 1.6863

S1: 1.6821

S2: 1.6789

S3: 1.6720

Trading recommendation:

We are short EUR from 1.7200 and will move our stop lower to 1.6955, Take profit will be placed at 1.6740.

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