EURNZD Elliott Wave Analysis: Bearish momentum
Updated
Hello traders,
Trust you are good.
Please find below my Elliott wave analysis of EURNZD.
You can refer to this chart to understand the underlining story.
Following significant bearish pressure through an impulsive wave representing wave (A) of wave Y, the price corrected upward from 1.73935 to 1.76526. This corrective wave typically retraces between 38.20% and 61.80% of the previous wave length. The emergence of reversal signals around the 1.76500 price region after this upward correction suggests renewed bearish momentum, aligning with the anticipated wave (C) of Y. This bearish outlook is further reinforced by the presence of a bearish butterfly pattern. The target levels are set at 1.74854, 1.74296, and 1.74020.
Cheers and happy trading.
Trust you are good.
Please find below my Elliott wave analysis of EURNZD.
You can refer to this chart to understand the underlining story.
Following significant bearish pressure through an impulsive wave representing wave (A) of wave Y, the price corrected upward from 1.73935 to 1.76526. This corrective wave typically retraces between 38.20% and 61.80% of the previous wave length. The emergence of reversal signals around the 1.76500 price region after this upward correction suggests renewed bearish momentum, aligning with the anticipated wave (C) of Y. This bearish outlook is further reinforced by the presence of a bearish butterfly pattern. The target levels are set at 1.74854, 1.74296, and 1.74020.
Cheers and happy trading.
Note
So far, the pair has done over +80pips overall.
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