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22.11.201808:33 Forex Analysis & Reviews: Elliott wave analysis of EUR/NZD for November 22, 2018

Long-term review
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Exchange Rates 22.11.2018 analysis

We continue to look for wave iv/ moving closer to resistance at 1.6914 and more likely closer to resistance at 1.7023. A break above minor resistance at 1.6767 will confirm the next push higher towards at least 1.6914.

Support is now seen at 1.6642 and important support at 1.6560. A break below the later will invalidate our call for a corrective rally towards 1.6914 and above.

R3: 1.6879

R2: 1.6836

R1: 1.6832

Pivot: 1.6767

S1: 1.6731

S2: 1.6706

S3: 1.6642

Trading recommendation:

We are long EUR from 1.6706 with our stop placed at 1.6555. Upon a break above resistance at 1.6767, we will raise our stop to break-even.

Torben Melsted
Analytical expert of InstaForex
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CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 66% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
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