Elliott wave analysis of EUR/NZD for October 8, 2018

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There was no time for a correction and EUR/NZD is moving directly higher towards the next target at 1.8030. Support is now seen at 1.7800 and again at 1.7758, only a break below the later support will indicate a deeper correction towards 1.7643 unfolding, before the next advance towards the 1.8369 target.

R3: 1.8100

R2: 1.8030

R1: 1.7900

Pivot: 1.7800

S1: 1 7758

S2: 1.7692

S3: 1.7642

Trading recommendation:

We are long half a position from 1.7500 and we will move our stop higher to 1.7725.

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