Elliott wave analysis of EUR/NZD for September 27, 2017

Wave summary:

We continue to look for a clear break above minor resistance at 1.6441 to confirm that red wave iv did complete with the test of 1.6137 and red wave v to above 1.6690 is developing.

Support is seen at 1.6274 and should ideally protect the downside for the expected break above 1.6441.

R3: 1.6441

R2: 1.6409

R1: 1.6388

Pivot: 1.6335

S1: 1.6323

S2: 1.6289

S3: 1.6274

Trading recommendation:

We are long EUR from 1.6265 with stop at break-even. If our stop is hit, a new EUR-buy order should be placed at 1.6230 with stop set at 1.6130.

The material has been provided by InstaForex Company - www.instaforex.com