EURNZD Trade Idea - Elliott Wave
Let’s discuss the price chart of the EURNZD currency pair based on the 120 minute timeframe.
From the Elliott Wave perspective, the price action is moving in a corrective channel within Wave (iv). It is approaching a critical Fibonacci retracement level of .618 which should act as resistance.
From the Hurst Cycles perspective, the composite model line which measures the combined cyclical pressure, topped on April 1st (red vertical line), and is projected to form a bottom on April 25th.
Based on this, we can expect prices to break below the corrective channel and head lower from there. Beyond that the low of Wave (iii) will act as an important support level, however, this leg down which would be wave (v) should ultimately break below this level.
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From the Elliott Wave perspective, the price action is moving in a corrective channel within Wave (iv). It is approaching a critical Fibonacci retracement level of .618 which should act as resistance.
From the Hurst Cycles perspective, the composite model line which measures the combined cyclical pressure, topped on April 1st (red vertical line), and is projected to form a bottom on April 25th.
Based on this, we can expect prices to break below the corrective channel and head lower from there. Beyond that the low of Wave (iii) will act as an important support level, however, this leg down which would be wave (v) should ultimately break below this level.
If you find this analysis useful, make sure to press the “Like” button and comment.