FX.co ★ Elliott wave analysis of EUR/NZD for April 10, 2018

EUR/NZD continues to push lower towards our next downside target seen at 1.6720. After a minor consolidation, more downside pressure towards 1.6620 remains expected. This could complete the decline from 1.7162 and set the stage for a new impulsive rally.

That said, we also need to consider the much more bearish alternate count, that calls for a continuation lower through support at 1.6620 for a decline towards 1.6200 before a corrective low is in place, but we will explore that possibility as we close in on support at 1.6620.

R3: 1.6910

R2: 1.6871

R1: 1.6820

Pivot: 1.6805

S1: 1.6778

S2: 1.6720

S3: 1.6685

Trading recommendation:

We are short EUR from 1.6900. We will move our stop lower to 1.6880.