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13.12.2018 07:49 AM
Elliott wave analysis of EUR/NZD for December 13, 2018

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EUR/NZD rallied nicely from support near 1.6425 and should be headed closer to the strong resistance-area between 1.6694 - 1.6760.

Short-term minor resistance near 1.6536 will be able to protect the downside for a break above minor resistance at 1.6614 that calls for the rally into the 1.6694 - 1.6760 area to complete wave iv and set the stage for the next decline in wave v towards 1.6169.

R3: 1.6694

R2: 1.6665

R1. 1.6614

Pivot: 1.6558

S1: 1.6536

S2: 1.6513

S3: 1.6480

Trading recommendation:

We bought EUR at 1.6480 and will raise our stop to Break-even. We will take profit at 1.6675.

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