FX.co ★ Elliott wave analysis of EUR/NZD for September 19, 2018

What looked like the development of a triangle, was quickly destroyed. With the break below minor support at 1.7712, a final dip closer to 1.7594 remains possible before the next impulsive rally occurs towards 1.8030 on the way higher towards 1.8369.

Only a direct break above minor resistance at 1.7783 will indicate that red wave iv has completed and red wave v towards 1.8030 is developing.

R3: 1.7954

R2: 1.7900

R1: 1.7825

Pivot: 1.7783

S1: 1.7755

S2: 1.7712

S3: 1.7683

Trading recommendation:

We will buy EUR at 1.7615 or upon a break above 1.7783.