Elliott wave analysis of EUR/NZD for October 15, 2018

analytics5bc4263ec4257.png

EUR/NZD has made a new corrective low at 1.7704, which indicates a more complex correction in blue wave ii is developing towards support at 1.7649 from where a new impulsive rally towards 1.8030 and 1.8369 is expected.

Only a break above 1.7842 will indicate that the correction in blue wave ii has completed and blue wave iii is developing.

R3: 1.7882

R2: 1.7841

R1: 1.7801

Pivot: 1.7780

S1: 1.7745

S2: 1.7704

S3: 1.7649

Trading recommendation:

We will buy EUR at 1.7655 or upon a break above 1.7841. We will place our stop at 1.7600.

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