Elliott Wave Analysis: EURGBP and EURNZD
Elliott Wave Analysis: EURGBP and EURNZD
EURGBP
EURGBP is slow, thus still in a fourth wave correction that may look for base near 38.2% Fib level. We see seven legs down from the highs as a complex correction so it may be a time for a bounce, but real confirmation for a push to a new high will be once 0.8726 level is broken.
EURGBP, 1H
EURNZD
EURNZD looks bullish like EURAUD because of a positive correlation between NZDUSD and AUDUSD pairs. On 4h EURNZD chart we have seen a strong leg up at the end of February and start of March, which must be wave three of an impulse based on shape and extension of that wave. In fact, price slowed down then into a sideways overlapping formation that looks like a triangle. We see it as wave four that is expected to push prices higher into wave five, but after a completed A-B-C-D-E formation.
EURNZD, 4H
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