FX.co ★ Elliott wave analysis of EUR/NZD for October 6, 2017

Wave summary:

With resistance at 1.6451 cleared, we are looking for upside acceleration towards 1.6690 and 1.6850 as the next upside targets. The former resistance at 1.6451 has now shifted to being support and backup support is seen just below at 1.6402, which should be able to protect the downside.

R3: 1.6570

R2: 1.6517

R1: 1.6477

Pivot: 1.6450

S1: 1.6402

S2: 1.6344

S3: 1.6272

Trading recommendation:

We are long EUR from 1.6365 and will raise our stop to break-even. If you are not long EUR yet, then buy near 1.6451 and use the same stop at 1.6365.