Elliott wave analysis of EUR/NZD for October 22, 2018
October 22, 2018 7:21 am
EUR/NZD dipped to 1.7356 (just below our possible downside target at 1.7357). We will now be looking for a break above the resistance-line near 1.7495, and more importantly, a break above the resistance at 1.7557 to confirm that the red wave ii/ has completed and the red wave iii/ towards 1.8345 is developing.
Support is now seen at 1.7381 and at 1.7356.
R3: 1.7598
R2: 1.7557
R1: 1.7495
Pivot: 1.7475
S1: 1.7450
S2: 1.7409
S3: 1.7381
Trading recommendation:
We will buy a break above the resistance at 1.7495, while our stop will be placed at 1.7345.
The material has been provided by InstaForex Company – www.instaforex.com
EUR/NZD dipped to 1.7356 (just below our possible downside target at 1.7357). We will now be looking for a break above the resistance-line near 1.7495, and more importantly, a break above the resistance at 1.7557 to confirm that the red wave ii/ has completed and the red wave iii/ towards 1.8345 is developing.
Support is now seen at 1.7381 and at 1.7356.
R3: 1.7598
R2: 1.7557
R1: 1.7495
Pivot: 1.7475
S1: 1.7450
S2: 1.7409
S3: 1.7381
Trading recommendation:
We will buy a break above the resistance at 1.7495, while our stop will be placed at 1.7345.
The material has been provided by InstaForex Company – www.instaforex.com
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