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13.10.201705:25 Forex Analysis & Reviews: Elliott wave analysis of EUR/NZD for October 13, 2017

Long-term review

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Wave summary:

The decline from 1.6760 moved lower than expected, but none the less it's still regarded as corrective and soon should be replaced by another rally towards at least 1.6824 and possibly higher to 1.7005.

Ideally, support at 1.6565 will continue to protect the downside for the expected rally higher.

R3: 1.6824

R2: 1.6760

R1: 1.6686

Pivot: 1.6627

S1: 1.6595

S2: 1.6565

S3: 1.6522

Trading recommendation:

Our stop at 1.6600 was hit for a nice 265 pips profit. We will buy EUR here at 1.6600 with a stop placed at 1.6550.

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