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14.11.201807:50 Forex Analysis & Reviews: Elliott wave analysis of EUR/NZD for November 14, 2018

Long-term review

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Short-term important resistance at 1.6732 has managed to cap the upside, but the extremely oversold situation will likely push prices back above this short-term resistance soon, confirming that wave i/ or a/ has completed and a correction in wave ii/ or b/ is developing for a rally towards 1.7143.

That said, we need to accept, that the strong decline from 1.7929 could push lower towards solid support near 1.6563 completing wave i/ or a/.

R3: 1.6911

R2: 1.6832

R1: 1.6732

Pivot: 1.6675

S1: 1.6660

S2: 1.6563

S3: 1.6518

Trading recommendation:

We will at 1.6525 or upon a break above 1.6732.

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