Elliott wave analysis of EUR/NZD for October 10, 2018

analytics5bbd6e6befb68.png

The correction in blue wave ii is unfolding as expected. Support is seen near 1.7705 and then in the 1.7652 - 1.7664 zone. The corrective decline from 1.7929 does not yet look complete and more downside pressure is expected short-term.

Only a direct break above resistance at 1.7847 will indicate a premature low has been seen for blue wave ii and blue wave iii is taking over for the next impulsive rally towards 1.8030 and later 1.8369.

R3: 1.7847

R2: 1.7800

R1: 1.7774

Pivot: 1.7750

S1: 1.7719

S2: 1.7705

S3: 1.7652

Trading recommendation:

We will look for a buying opportunity at 1.7675 or upon a break above 1.7847.

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