Elliott wave analysis of EUR/NZD for October 31, 2017

EUR/NZD - Daily

EUR/NZD - 8 Hourly

Wave summary:

As long as support at 1.6794 is able to protect the downside, we will continue to look higher for a test of the 1.7988 target. In the short term, a break above resistance at 1.7208 is needed to confirm the expected rally higher to the 1.7988 target.

Should support at 1.6749 however be broken, that will call for a deeper correction to the 1.6150 - 1.6225 area before the next impulsive rally higher.

R3: 1.7125

R2: 1.7058

R1: 1.7016

Pivot: 1.6911

S1: 1.6889

S2: 1.6820

S3: 1.6794

Trading recommendation:

We are looking for a buying opportunity at 1.6890 with stop placed at 1.6790 or upon a break above 1.7054.

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