EURNZD Gets Rejected in Blue Box and Makes New Lows

EURUZD 1 Hour Elliott Wave Analysis 11.13.2020

Chart below shows EURNZD is in an impulsive decline when wave ((i)) of 3 completed at 1.7400, wave ((ii)) of 3 completed at 1.7557, wave ((iii)) of 3 completed at 1.7248, wave ((iv)) of 3 completed at 1.7366 and wave ((v)) of 3 completed at 1.7043. Following this pair started a wave 4 bounce which took the form of a Zigzag Elliottwave correction and reached blue box area between 1.7306–1.7407 which is basically 100- 161.8 % Fibonacci extension area of ((a)) related to ((b)). In the chart below, we called wave 4 bounce completed at 1.7343 and expected the decline to resume in wave 5 However, even if the pair made a new high above 1.7343, it should still be treated as a wave 4 as far as pric stayed below 161.8 Fibonacci extension of ((a)) related to ((b)) at 1.7407.

EURNZD 1 Hour Elliott Wave Analysis 11.17.2020

Chart below shows sellers did appear in the blue box and pair resumed the decline, pair is showing 5 swings down from wave 4 peak (1.7343) suggesting wave ((i)) is complete at 1.7142, wave ((ii)) bounce is in progress and as it fails below 1.7343 high, we expect the decline to resume. Price already reached 50% retracement of the rally from black ((b)) low so any sellers which entered in the blue box should already be in a risk free position.

EURNZD 1 Hour Elliott Wave Analysis 11.24.2020

Proposed wave ((ii)) bounce failed below 1.7343 peak as expected and pair went on to make a new low below wave 3 low confirming the bounce was indeed wave 4 and new low is part of wave 5.

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