Elliott wave analysis of EUR/NZD for September 7, 2018

analytics5b91eaa1cb2cc.png

EUR/NZD traded within a very narrow 80 pips band yesterday. We continue to look for more upside towards 1.7820 on the way higher to 1.8369 and beyond.

Short-term support is seen at 1.7603 and again at 1.7538. Ideally support at 1.7603 will be able to protect the downside for the next rally higher towards the sub-target at 1.7820.

R3: 1.7820

R2: 1.7750

R1: 1.7714

Pivot: 1.7679

S1: 1.7647

S2: 1.7603

S3: 1.7538

Trading recommendation:

We are long EUR from 1.7330 with our stop placed at 1.7565. If you are not long EUR yet, then buy near 1.7603 and use the same stop at 1.7565.

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