28.11.201811:16 Forex Analysis & Reviews: Elliott wave analysis of EUR/NZD for November 28, 2018

Long-term review

This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

The break below minor support at 1.6676 is of concern and indicates that wave iv/ completed prematurely with the test of 1.6782 and wave v/ lower to at least 1.6478 already is developing. A break below support at 1.6561 will confirm that wave iv/ already has completed and wave v/ now is developing.

Short-term, it will take a break above minor resistance at 1.6668 to ease the downside pressure, while a break above resistance at 1.6767 remains needed to confirm a rally towards 1.7023.

R3: 1.6767

R2: 1.6697

R1: 1.6668

Pivot: 1.6626

S1: 1.6561

S2: 1.6539

S3: 1.6478

Trading recommendation:

We are long EUR from 1.6706 with our stop placed at 1.6555.

Back to the list

Open trading account

InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.