13.11.201807:57 Forex Analysis & Reviews: Elliott wave analysis of EUR/NZD for November 13, 2018

Long-term review

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The decline from 1.7929 simply will stop and defy all support points. The continued downside pressure has just added to the already extreme oversold situation, but the downtrend is not over until prices shows it's over. The first indication of a possible low is in place and a correction is taking over is seen upon a break above minor resistance at 1.6732 while a break above resistance at 1.6833 confirms that a correction of the decline from 1.7929 is unfolding.

R3: 1.6911

R2: 1.6832

R1: 1.6732

Pivot: 1.6675

S1: 1.6660

S2: 1.6563

S3: 1.6518

Trading recommendation:

We will buy EUR at 1.6525 or upon a break above resistance at 1.6732.

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