24.10.201806:54 Forex Analysis & Reviews: Elliott wave analysis of EUR/NZD for October 24, 2018

Long-term review

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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.

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