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25.09.201805:26 Forex Analysis & Reviews: Elliott wave analysis of EUR/NZD for September 25, 2018

Long-term review

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EUR/NZD is showing signs of re-entering the uptrend towards 1.8030 and above it towards 1.8369. In the short term, a break above minor resistance at 1.7732 will be the first solid indication that the correction in red wave iv has completed and red wave v towards at least 1.8030 is developing.

Only an unexpected break back below minor support at 1.7536 will prolong the correction in red wave iv, but the potential downside should remain very limited.

R3: 1.7823

R2: 1.7783

R1: 1.7732

Pivot: 1.7651

S1: 1.7626

S2: 1.7585

S3: 1.7536

Trading recommendation:

We are long EUR from 1.7615 with our stop placed at 1.7515. If you are not long EUR yet, then buy upon a break above 1.7732 and use the same stop at 1.7515.

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