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27.12.2018 07:48 AM
Elliott wave analysis of EUR/NZD for December 27, 2018

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We are still looking for a break below support at 1.6845 to confirm that the wave iv has completed and the wave v is developing lower. As long as support at 1.6845 is able to protect the downside, we must accept the possibility of a final spike higher to 1.7015 to complete the wave iv, but it is just a matter of time before support at 1.6845 gives away and the wave v starts to develop in the expected decline to at least 1.6219 and maybe closer to 1.6166.

R3: 1.7118

R2: 1.7079

R1: 1.7015

Pivot: 1.6845

S1: 1.6783

S2: 1.6745

S3: 1.6662

Trading recommendation:

We will sell EUR at 1.6965 or upon a break below support at 1.6845.

Summary
Urgency
Analytic
Torben Melsted
Start trade
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