Elliott wave analysis of EUR/NZD for April 11, 2018

Trading 11 avr 2018 Donner votre avis

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EUR/NZD decline to 1.6739 in red wave v to complete wave iii/ and we should now see a sideways consolidation in wave iv/ close to 1.6892 before the final stab lower in wave v/ to 1.6620 as the ideal downside target.

Short-term minor resistance is seen near 1.6834, which is expected to cap temporally for a setback to 1.6770 before higher towards 1.6892 in wave iv/. We expect this wave iv/ correction to be complex, with unexpected twist and turns.

R3: 1.6892

R2: 1.6872

R1: 1.6834

Pivot: 1.6808

S1: 1.6785

S2: 1.6758

S3: 1.6739

Trading recommendation:

We are short EUR from 1.6900. We will move our stop lower to 1.6860.We will take profit at 1.6770. Looking for an opportunity to re-sell EUR near 1.6890.

The material has been provided by InstaForex Company - www.instaforex.com

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