FX.co ★ Elliott wave analysis of EUR/NZD for April 4, 2018

The strong break below support seen at 1.6942 has forced us to change our short-term count. The decline does look impulsive indicating that wave c of ii still is in force and could take EUR/NZD lower to 1.6680 before completing and setting the stage for a new impulsive rally in wave iii to above 1.7162 for a rally towards 1.7530 and 1.7744 on the way to the long-term target near 1.8437.

R3: 1.6955

R2: 1.6920

R1: 1.6887

Pivot: 1.6875

S1: 1.6827

S2: 1.6797

S3: 1.6743

Trading recommendation:

Our buy from 1.7000 was stopped out at 1.6960 for a small loss. We will stay sidelined for now.