Elliott wave analysis of EUR/NZD for October 3, 2017

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Wave summary:

A break above resistance at 1.6410 is needed to give the next "GO" for a rally towards 1.6875 and above. Support is currently seen at 1.6275 and should be able to protect the downside for the expected break above 1.6410.

R3: 1.6488

R2: 1.6450

R1: 1.6410

Pivot: 1.6400

S1: 1.6336

S2: 1.6275

S3: 1.6236

Trading recommendation:

We are long EUR from 1.6365 with stop placed at 1.6250. If you are not long EUR yet, then buy a break above 1.6410 and start by using the same stop at 1.6250.

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