FX.co ★ Elliott wave analysis of EUR/NZD for April 13, 2018

EUR/NZD was even more bearish than we expected in the short-term and wave iii/ has extended lower to 1.6689. We are looking for a more substantial, but likely complex correction in wave iv/ towards 1.6860 before lower in wave v/ towards 1.6620 where a bottom could be found.

We say a bottom could be seen near 1.6620 as a more bearish count could be in play and in that case, a much deeper decline should be expected closer to 1.6197, but for now, we are only looking for a decline closer to support at 1.6620.

R3: 1.6860

R2: 1.6793

R1: 1.6737

Pivot: 1.6696

S1: 1.6620

S2: 1.6580

S3: 1.6518

Trading recommendation: Our stop at 1.6770 was hit for a nice profit 130 pips. We will sell EUR again at 1.6845.