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

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EUR/NZD broke below support at 1.7393 telling us that the corrective decline from 1.7921 is still evolving and should move closer to support in the 1.7290 - 1.7300 area before completing red wave ii/.

Resistance is now seen near 1.7400 and then at 1.7457. The later should be able to cap the upside for the expected dip closer to 1.7300.

R3: 1.7515

R2: 1.7483

R1: 1.7457

Pivot: 1.7406

S1: 1.7357

S2: 1.7325

S3: 1.7300

Trading recommendation:

Ous stop at 1.7385 was hit. We will stay on the sideline for now.

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