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Wave analysis

18.10.201707:10 Forex Analysis & Reviews: Elliott wave analysis of EUR/NZD for October 18, 2017

Long-term review

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Wave summary:

We are looking for wave b to move higher to at least 1.6475 and possibly even closer to resistance at 1.6529 before turning lower in wave c towards 1.6160 to complete wave ii. Short-term minor support is seen at 1.6410, which is expected to protect the downside for a continuation higher to 1.6475 as wave b develops.

R3: 1.6584

R2: 1.6529

R1: 1.6475

Pivot: 1.6410

S1: 1.6397

S2: 1.6375

S3: 1.6341

Trading recommendation:

We are looking for a EUR shorting opportunity at 1.6525 with stop placed at 1.6635

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