Elliott wave analysis of EUR/NZD for November 23, 2018
November 23, 2018 8:24 am
We are still looking for a clear break above minor resistance at 1.6767 for a continuation of the ongoing correction towards at least 1.6914 and likely even closer to resistance at 1.7023.
Only an unexpected break below support at 1.6683 and more importantly a break below support at 1.6560 will indicate that wave iv/ completed prematurely and wave v lower to 1.6250 already is unfolding.
R3: 1.6879
R2: 1.6836
R1: 1.6832
Pivot: 1.6767
S1: 1.6731
S2: 1.6706
S3: 1.6642
Trading recommendation:
We are long EUR from 1.6706 with our stop placed at 1.6555. We will raise our stop to break-even upon a break above 1.6767.
The material has been provided by InstaForex Company – www.instaforex.com
We are still looking for a clear break above minor resistance at 1.6767 for a continuation of the ongoing correction towards at least 1.6914 and likely even closer to resistance at 1.7023.
Only an unexpected break below support at 1.6683 and more importantly a break below support at 1.6560 will indicate that wave iv/ completed prematurely and wave v lower to 1.6250 already is unfolding.
R3: 1.6879
R2: 1.6836
R1: 1.6832
Pivot: 1.6767
S1: 1.6731
S2: 1.6706
S3: 1.6642
Trading recommendation:
We are long EUR from 1.6706 with our stop placed at 1.6555. We will raise our stop to break-even upon a break above 1.6767.
The material has been provided by InstaForex Company – www.instaforex.com
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