Elliott wave analysis of EUR/NZD for September 13, 2018

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The break below minor support at 1.7716 indicates that red wave iii completed at 1.7825 and red wave iv towards 1.7605 is developing. Once this correction is complete, renewed upside pressure towards 1.8030 and possibly even closer to 1.8369 is expected.

Short-term, we expect minor resistance at 1.7791 will cap the upside for the decline closer to 1.7605.

R3: 1.7954

R2: 1.7900

R1: 1.7825

Pivot: 1.7791

S1: 1.7736

S2: 1.7700

S3: 1.7650

Trading recommendation:

Our stop at 1.7730 was hit for a nice 400 pips profit. We will wait for a dip to 1.7615 before buying EUR.

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