Today we will talk about EURNZD currency pair in which we see nice and clean bearish impulse in progress with room for more downside pressure, while it’s trading within channel range.
As you can see, we are tracking a higher degree wave (3) that can push the price much lower, especially if we consider an extended wave 5 of (3) with room down to lower channel support line and 1.58 – 1.55 area. So, be aware of more weakness this year, just watch out for a short-term pullback in subwave “iv”.
Be humble and trade smart!
Elliott Wave Analysis: EURNZD Remains Bearish by ew-forecast on TradingView.com
Read here about cryptocurrencies and why we are bullish bitcoin while it trades above 50k. CLICK HERE