Elliott wave analysis of EUR/NZD for October 4, 2018

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EUR/NZD is currently testing the minor resistance-line near 1.7677 a break above this resistance-line will be the first good indication that red wave ii/ has completed at 1.7484 and red wave iii/ towards at least 1.8030 and more likely 1.8369 is developing.

We would not be surprised if the minor resistance-line is able to contain the rally from 1.7484 for a minor correction towards 1.7592 and perhaps even closer to 1.7559 before the next and likely successful attempt to break the resistance-line near 1.7677 is seen.

R3: 1.7732

R2: 1.7704

R1: 1.7677

Pivot: 1.7631

S1: 1.7592

S2: 1.7559

S3: 1.7518

Trading recommendation:

We are long EUR from 1.7500 with our stop placed at 1.7475. If you are not long EUR yet, then buy near 1.7559 or upon a break above 1.7677 and use the same stop at 1.7475.

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