EURNZD: Preparing for a larger descent

Hello Traders,

We have an interesting setup on EURNZD. Between 23rd of Feb and 1st of May, we saw an upward move identified as a corrective wave ABC, with Wave C forming an ending diagonal. Recently, we saw a break of the ending diagonal pattern in wave C, setting the stage for a decline. The break of wave 1 to the downside further confirms our bearish outlook. As such I expect EURNZD to continue the downward movement.

However, if the price goes above 1.81557, my analysis of a drop will be invalid.

Cheers and happy trading!

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EURNZD has done +95pips since this analysis was shared.

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EURNZD has done +193Pips since this analysis was shared.

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Both harmonic and Elliott wave analysis idea of this pair show perfect confluence.

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EURNZD has now done +209pips in the projected direction.

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Update of EURNZD analysis.

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UPDATE: EURNZD has done +340 pips since this trade idea was shared.
I hope everyone profited from this trade idea.

Cheers!

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UPDATE: EURNZD delivering as anticipated. About +360pips done.

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