Elliott wave analysis of EUR/NZD for November 6, 2018
November 6, 2018 7:21 am
We still favor a final stab lower to 1.7010 to complete the five wave decline from 1.7929 and to set the stage for a corrective recovery towards the 1.7555 – 1.7585 resistance-zone.
Short-term, we expect minor resistance at 1.7175 will be able to cap the upside for the expected final spike lower to 1.7010 to complete wave i/ or a/.
A clear break above the minor resistance at 1.7175 and more importantly a break above resistance at 1.7283 will indicate that wave i/ or a/ already has completed and the corrective rally towards 1.7555 – 1.7585 is developing.
R3: 1.7305
R2: 1.7283
R1: 1.7239
Pivot: 1.7175
S1: 1.7102
S2: 1.7047
S3: 1.7010
Trading recommendation:
We will buy EUR at 1.7025
The material has been provided by InstaForex Company – www.instaforex.com
We still favor a final stab lower to 1.7010 to complete the five wave decline from 1.7929 and to set the stage for a corrective recovery towards the 1.7555 – 1.7585 resistance-zone.
Short-term, we expect minor resistance at 1.7175 will be able to cap the upside for the expected final spike lower to 1.7010 to complete wave i/ or a/.
A clear break above the minor resistance at 1.7175 and more importantly a break above resistance at 1.7283 will indicate that wave i/ or a/ already has completed and the corrective rally towards 1.7555 – 1.7585 is developing.
R3: 1.7305
R2: 1.7283
R1: 1.7239
Pivot: 1.7175
S1: 1.7102
S2: 1.7047
S3: 1.7010
Trading recommendation:
We will buy EUR at 1.7025
The material has been provided by InstaForex Company – www.instaforex.com
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