Elliott wave analysis of EUR/NZD for October 29, 2018


The deep pull back from 1.7588 is confusing, but EUR/NZD should stay above minor support at 1.7393 to preserve the bullish outlook. A break above minor resistance at 1.7498 will confirm renewed upside pressure towards 1.7588 and ideally back to 1.7929 on the way towards 1.8369.

If, however minor support at 1.7393 is borne, that will open for a dip closer to 1.7290 before completing the corrective decline from 1.7823.

At no point can support at 1.7124 be broken as that will invalidate our bullish outlook.

R3: 1.7644

R2: 1.7588

S1: 1.7540

Pivot: 1.7498

S1: 1.7438

S2: 1.7393

S3: 1.7355

Trading recommendation:

We are long EUR from 1.7495 with our stop placed at 1.7385. If you are not long EUR yet, then buy a break above 1.7498 and use the same stop at 1.7385.

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