Elliott wave analysis of EUR/NZD for October 5, 2017

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Wave summary:

EUR/NZD is now breaking above minor resistance at 134.10 and a clear break above resistance at 1.6451 too, will add upside acceleration for a continuation to 1.6690 and 1.6875 as the next upside targets.

Short-term, minor support at 1.6410 ideally will be able to protect the downside, but only a break below support at 1.6344 will delay the expected rally, but the potential downside, seems very limited from here.

R3: 1.6533

R2: 1.6488

R1: 1.6451

Pivot: 1.6410

S1: 1.6344

S2: 1.6289

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 near 1.6410 or upon a break above 1.6451 and place your stop at 1.6325.

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