17.10.201806:55 Forex Analysis & Reviews: Elliott wave analysis of EUR/NZD for October 17, 2018

Long-term review

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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.

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