Elliott wave analysis of EUR/NZD for April 16, 2018

EUR/NZD is following the expected path and is correcting. The minimum corrective target at 1.6793 has already been tested, but we expected a little more correction closer to the 1.6835 – 1.6860 area will be seen before lower again towards the ideal target near 1.6620.

The test of 1.6620 will ideally complete the corrective decline from 1.7162. That said it’s possible that a larger correction is developing and if this is the case, a decline to 1.6220 should be expected before a more firm bottom is in place.

R3: 1.6860

R2: 1.6820

R1: 1.6793

Pivot: 1.6736

S1: 1.6676

S2: 1.6620

S3: 1.6580

Trading recommendation: We are looking for an EUR-selling opportunity at 1.6845.

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

Source:: Elliott wave analysis of EUR/NZD for April 16, 2018