2018-12-27
The EUR/JPY pair declined to 125.31 before tuning higher in a corrective rally towards 126.75. We expected the wave iv to complete near 126.75 for the renewed downside pressure towards at least 124.89 and, ideally, lower to the long-term target at 123.66 in order to complete the wave (E) of the more than ten year long triangle consolidation.
In the short term, a break below 125.81 will indicate that the wave iv has completed and the wave v lowers towards 124.89 as the first minor target on the way towards 123.66.
R3: 127.15
R2: 126.75
R1: 126.58
Pivot: 126.21
S1: 125.81
S2: 125.48
S3: 124.89
Trading recommendation:
We are short EUR from 128.05 with our stop placed at 127.05.
Elliott wave analysis of EUR/NZD for December 27, 2018
2018-12-27
We are still looking for a break below support at 1.6845 to confirm that the wave iv has completed and the wave v is developing lower. As long as support at 1.6845 is able to protect the downside, we must accept the possibility of a final spike higher to 1.7015 to complete the wave iv, but it is just a matter of time before support at 1.6845 gives away and the wave v starts to develop in the expected decline to at least 1.6219 and maybe closer to 1.6166.
R3: 1.7118
R2: 1.7079
R1: 1.7015
Pivot: 1.6845
S1: 1.6783
S2: 1.6745
S3: 1.6662
Trading recommendation:
We will sell EUR at 1.6965 or upon a break below support at 1.6845.
Get Bonus No Deposite in your Trading Account now and add this currency pair to your forex portfolio, enjoy your trading with us!
No comments:
Post a Comment