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

Long-term review

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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.

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