Elliott wave analysis of EUR/NZD for October 2, 2017

Wave summary:

We continue to look for a break above 1.6410 to confirm that red wave iii/ is developing for a rally towards 1.6875. Support is now seen at 1.6326 and important support is seen at 1.6263, which should protect the downside for the break above 1.6410.

R3: 1.6488

R2: 1.645

R1: 1.6410

Pivot: 1.6400

S1: 1.6336

S2: 1.6263

S3: 1.6222

Trading recommendation:

We bought EUR at 1.6365 and has placed our stop at 1.6250.

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