Elliott wave analysis of EUR/NZD for October 23, 2018
October 23, 2018 8:25 am
We are looking for upside acceleration as red wave iii/ is developing towards 1.8345. Short-term we would like to see a break above minor resistance at 1.7557 as confirmation that red wave ii/ has completed and red wave iii/ is developing.
Only an unexpected break below support at 1.7355 will revive the correction in red wave ii/, but the potential downside should be very limited.
R3: 1.7625
R2: 1.7598
R1: 1.7557
Pivot: 1.7515
S1: 1.7495
S2: 1.7475
S3: 1.7450
Trading recommendation:
We are long EUR from 1.7495 with our stop placed at 1.7345.
The material has been provided by InstaForex Company – www.instaforex.com
We are looking for upside acceleration as red wave iii/ is developing towards 1.8345. Short-term we would like to see a break above minor resistance at 1.7557 as confirmation that red wave ii/ has completed and red wave iii/ is developing.
Only an unexpected break below support at 1.7355 will revive the correction in red wave ii/, but the potential downside should be very limited.
R3: 1.7625
R2: 1.7598
R1: 1.7557
Pivot: 1.7515
S1: 1.7495
S2: 1.7475
S3: 1.7450
Trading recommendation:
We are long EUR from 1.7495 with our stop placed at 1.7345.
The material has been provided by InstaForex Company – www.instaforex.com
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