EUR/NZD in a correction; Further weakness in view! - Elliott wave analysis

Gregor Horvat Wavetraders

Hello traders,

EURNZD is firmly dropping from the 1.769 area, giving us an indication that a bigger A)-B)-C) correction is completed, and that further bearish price activity may be in progress. We labelled a completed wave I) of a bigger, bearish cycle at the 1.661 level, from where a corrective wave II) started to develop. Wave II) can face resistance/bearish turn at the Fib. ratio of 50.0/61.8 (1.719/1.730 region).

EUR/NZD, daily

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Author

Gregor Horvat

Wavetraders

Experience Grega is based in Slovenia and has been in the Forex market since 2003.

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