Elliott wave analysis of EUR/NZD for October 17, 2018
October 17, 2018 8:22 am
The corrective decline from 1.7929 has extended lower to test the support line. This support line is expected to be able to protect the downside and cause a new impulsive rally in blue wave iii towards 1.8030 and later even higher to 1.8369.
We see a clear loss of downside momentum near the support-line, which adds confidence in this support, being able to protect the downside. A clear break below this support line will be of concern, but only a break below support at 1.7477 will cause a review of the bullish count.
R3: 1.7657
R2: 1.7625
R1: 1.7588
Pivot: 1.7561
S1: 1.7555
S2: 1.7515
S3: 1.7477
Trading recommendation:
We will buy EUR here at 1.7555 with our stop placed at 1.7465.
The material has been provided by InstaForex Company – www.instaforex.com
The corrective decline from 1.7929 has extended lower to test the support line. This support line is expected to be able to protect the downside and cause a new impulsive rally in blue wave iii towards 1.8030 and later even higher to 1.8369.
We see a clear loss of downside momentum near the support-line, which adds confidence in this support, being able to protect the downside. A clear break below this support line will be of concern, but only a break below support at 1.7477 will cause a review of the bullish count.
R3: 1.7657
R2: 1.7625
R1: 1.7588
Pivot: 1.7561
S1: 1.7555
S2: 1.7515
S3: 1.7477
Trading recommendation:
We will buy EUR here at 1.7555 with our stop placed at 1.7465.
The material has been provided by InstaForex Company – www.instaforex.com
Related Posts: