Elliott wave analysis of EUR/NZD for October 9, 2018

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EUR/NZD has spiked support at 1.7758 and the correction from 1.7929 does not look complete yet. The decline to 1.7929 likely only wave wave blue wave A and blue wave B to 1.7854 should now be expected before blue wave C of blue wave ii takes over and brings prices lower to 1.7705 with an outside chance to dip slightly lower to 1.7652 before blue wave iii takes over for the next impulsive rally towards 1.8030 and 1.8369.

R3: 1.7921

R2: 1.7854

R1: 1.7824

Pivot: 1.7800

S1: 1.7773

S2: 1.7745

S3: 1.7705

Trading recommendation:

We are long half a position from 1.7500 and we will take profit at 1.7840 and then look for a new buying opportunity near 1.7705.

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