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19.04.201806:42 Forex Analysis & Reviews: Elliott wave analysis of EUR/NZD for April, 19 2018

Long-term review

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Wave iv/ is pushing the limit. A rally above the low of wave i/ at 1.6981 can not be allowed, or the preferred count will be invalidated. We do expect important resistance at 1.6981 to remain untouched and will be looking for a break below short-term support at 1.6861 soon, to confirm a top being in place for renewed downside pressure towards the 1.6625 target.

R3: 1.6981

R2: 1.6957

R1: 1.6925

Pivot: 1.6861

S1: 1.6844

S2: 1.6815

S3: 1.6755

Trading recommendation:

Our stop at 1.6915 was hit for a 70 pips loss. We will sell EUR at 1.6920 or upon a break below 1.6861. Our stop will be placed at 1.6985.

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