12.11.201807:55 Forex Analysis & Reviews: Elliott wave analysis of EUR/NZD for November 12, 2018

Long-term review

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A decline from 1.7929 continues to push lower, but now it is extremely extended. We expect wave i/ or a/ to see a low soon for a corrective rally towards at least 1.7212 and more likely closer to the 50% corrective target of a decline from 1.7929 to 1.6769 seen at 1.7349.

In the short term, a break above minor resistance at 1.6884 will indicate that wave i/ or a/ has completed and a correction in wave ii/ or b/ has begun.

R3: 1.7080

R2: 1.6974

R1: 1.6884

Pivot: 1.6832

S1: 1.6769

S2: 1.6710

S3: 1.6646

Trading recommendation:

We will buy EUR upon a break above minor resistance at 1.6884.

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