Elliott wave analysis of EUR/NZD for October 5, 2017
October 5, 2017 8:58 am
Wave summary:
EUR/NZD is now breaking above minor resistance at 134.10 and a clear break above resistance at 1.6451 too, will add upside acceleration for a continuation to 1.6690 and 1.6875 as the next upside targets.
Short-term, minor support at 1.6410 ideally will be able to protect the downside, but only a break below support at 1.6344 will delay the expected rally, but the potential downside, seems very limited from here.
R3: 1.6533
R2: 1.6488
R1: 1.6451
Pivot: 1.6410
S1: 1.6344
S2: 1.6289
S3: 1.6236
Trading recommendation:
We are long EUR from 1.6365 with stop placed at 1.6250. If you are not long EUR yet, then buy near 1.6410 or upon a break above 1.6451 and place your stop at 1.6325.
The material has been provided by InstaForex Company – www.instaforex.com Source: Instaforex.com
Wave summary:
EUR/NZD is now breaking above minor resistance at 134.10 and a clear break above resistance at 1.6451 too, will add upside acceleration for a continuation to 1.6690 and 1.6875 as the next upside targets.
Short-term, minor support at 1.6410 ideally will be able to protect the downside, but only a break below support at 1.6344 will delay the expected rally, but the potential downside, seems very limited from here.
R3: 1.6533
R2: 1.6488
R1: 1.6451
Pivot: 1.6410
S1: 1.6344
S2: 1.6289
S3: 1.6236
Trading recommendation:
We are long EUR from 1.6365 with stop placed at 1.6250. If you are not long EUR yet, then buy near 1.6410 or upon a break above 1.6451 and place your stop at 1.6325.
The material has been provided by InstaForex Company – www.instaforex.com
Source: Instaforex.com
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