Elliott wave analysis of EUR/NZD for October 24, 2017

Wave summary:

We have seen the expected minor correction from 1.6953 down to 1.6784 and the next impulsive rally higher to 1.7777 is now expected on the way higher to the ideal 1.8032 target. Short-term support is now seen at 1.6870 and again at 1.6784 that should be able to protect the downside for the expected rally higher.

R3: 1.7273

R2: 1.7118

R1: 1.7043

Pivot: 1.6941

S1: 1.6918

S2: 1.6870

S3: 1.6784

Trading recommendation:

We are long EUR from 1.6840 with stop placed at 1.6775. If you are not long EUR yet, the buy near 1.6870 with the same stop at 1.6775.

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