EURNZD Wave Analysis – 12 November , 2018
November 12, 2018 @ 19:27 UTC
- EURNZD falling inside weekly wave (4)
- Further losses are likely
EURNZD has been falling in the last few trading sessions inside the sharp corrective wave (4), which broke through the combined support area lying at the intersection of the round support level 1.7000, 50-week moving average and the weekly support trendline from the start of 2017.
The active corrective wave (4) belongs to the long-term primary upward impulse sequence inside which the pair has been trading from last year.
EURNZD is expected to fall further and re-test the next support level 1.6600 (former support from January and June – as well as the target price for the completion of the active wave (4)).