Elliott wave analysis of EUR/NZD for November 1, 2018

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EUR/NZD continues lower and the clear break below support at 1.7267 is of concern to our long-term bullish count. The uptrend from 1.4536 has not yet been broken and will likely be able to encounter the first test for a relief towards at least 1.7588, but if this uptrend breaks during the next attack, we will be looking for a decline to at least 1.6535 and possibly even lower.

The uptrend-line from 1.4536 is currently located near 1.7150.

R3: 1.7298

R2: 1.7267

R1: 1.7237

Pivot: 1.7225

S1: 1.7211

S2: 1.7186

S3: 1.7117

Trading recommendation:

Our stop at 1.7233 was hit. We will stay on the sideline for now.

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