Elliott wave analysis of EUR/NZD for November 21, 2018
November 21, 2018 8:26 am
Wave iv/ is developing and we are currently looking for a break above minor resistance at 1.6767 to confirm the next corrective push higher towards at least 1.6914 and more likely closer to resistance at 1.7023.
Short-term support is seen at 1.6643, which is expected to be able to protect the downside for the break above minor resistance at 1.6767.
R3: 1.6836
R2: 1.6767
R1: 1.6731
Pivot: 1.6706
S1: 1.6643
S2: 1.6570
S3: 1.6561
Trading recommendation:
We are long EUR from 1.6706 and we have placed our stop at 1.6555. Upon a break above 1.6767 we will move our stop higher to break-even.
The material has been provided by InstaForex Company – www.instaforex.com
Wave iv/ is developing and we are currently looking for a break above minor resistance at 1.6767 to confirm the next corrective push higher towards at least 1.6914 and more likely closer to resistance at 1.7023.
Short-term support is seen at 1.6643, which is expected to be able to protect the downside for the break above minor resistance at 1.6767.
R3: 1.6836
R2: 1.6767
R1: 1.6731
Pivot: 1.6706
S1: 1.6643
S2: 1.6570
S3: 1.6561
Trading recommendation:
We are long EUR from 1.6706 and we have placed our stop at 1.6555. Upon a break above 1.6767 we will move our stop higher to break-even.
The material has been provided by InstaForex Company – www.instaforex.com
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