Elliott wave analysis of EUR/NZD for October 24, 2018
October 24, 2018 7:21 am
Minor resistance near 1.7515 has proofed tougher than first expected, but after a minor corrective dip to 1.7450, we expect renewed upside pressure and a clear break above minor resistance at 1.7515 for a continuation higher towards 1.7700 and longer-term higher towards 1.8345 as red wave iii/ starts to accelerate.
Support is now seen at 1.7450 and then near 1.7392.
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. If you are not long EUR yet, then wait for a break above 1.7515 and use the same stop at 1.7345.
The material has been provided by InstaForex Company – www.instaforex.com
Minor resistance near 1.7515 has proofed tougher than first expected, but after a minor corrective dip to 1.7450, we expect renewed upside pressure and a clear break above minor resistance at 1.7515 for a continuation higher towards 1.7700 and longer-term higher towards 1.8345 as red wave iii/ starts to accelerate.
Support is now seen at 1.7450 and then near 1.7392.
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. If you are not long EUR yet, then wait for a break above 1.7515 and use the same stop at 1.7345.
The material has been provided by InstaForex Company – www.instaforex.com
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