Elliott wave analysis of EUR/NZD for October 3, 2018

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Red wave ii/ finally seems to have found its low near the strong support at 1.7484. The break above minor resistance at 1.7592 is the first good indication that a corrective low has been seen and a new impulsive rally now is developing. A break above resistance at 1.7637 will confirm that red wave iii/ towards 1.8030 and 1.8369 and above is developing.

Short-term support is now seen at 1.7512 and then again at 1.7484.

R3: 1.7732

R2: 1.7704

R1: 1.7636

Pivot: 1.7594

S1: 1.7512

S2: 1.7484

S3: 1.7412

Trading recommendation:

We are long EUR from 1.7500 and we have raised our stop to 1.7475. If you are not long EUR yet, the buy near 1.7512 or upon a break above 1.7637 and use the same stop at 1.7475.

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