Elliott wave analysis of EUR/NZD for September 11, 2018

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EUR/NZD keeps making headway towards the sub-target at 1.7820. Ideally, this resistance will only make a temporary top for the next swing higher towards the more important resistance at 1.8369.

Support is now seen at 1.7668 and if a break below here is seen, then a corrective decline closer to support at 1.7605 could be seen, but it should be short-lived as the steady uptrend continues higher towards 1.8369.

R3: 1.8016

R2: 1.7919

R1: 1.7820

Pivot: 1.7738

S1: 1.7701

S2: 1.7668

S3: 1.7605

Trading recommendation:

We are long EUR from 1.7330 and we will move our stop higher to 1.7660.

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