02.10.201805:21 Forex Analysis & Reviews: Elliott wave analysis of EUR/NZD for October 2, 2018

Long-term review

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We have seen a second test of important support at 1.7484 and again this support has proven its strength and protected the downside. We continue for the the underlying uptrend to reassert itself, by a break above minor resistance at 1.7594 and more importantly by a break above 1.7637 confirming that the correction from the 1.7826 peak has completed and the next impulsive rally towards 1.8030 is developing and longer term even more upside towards 1.8369 should be seen.

R3: 1.7732

R2: 1.7704

R1: 1.7636

Pivot: 1.7594

S1: 1.7528

S2: 1.7484

S3: 1.7420

Trading recommendation:

We are long EUR from 1.7500 and we will place our stop at 1.7400. Upon a break above 1.7637 we will raise our stop to 1.7475.

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