Elliott Wave Analysis of EUR/NZD for September 20, 2017

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Wave summary:

Red wave iv is likely to be completed with the test of 1.6267 and red wave v higher to at least 1.6763 should now be developing. A break above minor resistance at 1.6533 will confirm that red wave iv has completed and red wave v is developing.

R3: 1.6630

R2: 1.6570

R1: 1.6523

Pivot: 1.6500

S1: 1.6437

S2: 1.6347

S3: 1.6267

Trading recommendation:

We bought EUR at 1.6355 with stop placed at 1.6255. If you are not long EUR yet, then buy upon a break above 1.6533 and use the same stop at 1.6255.

The material has been provided by InstaForex Company - www.instaforex.com