FX.co ★ Elliott wave analysis of EUR/NZD for September 21, 2018

We do think the spike down to 1.7539 was a bit deep, but no EWP rules was broken, so we will keep our focus towards the upside for a break above minor resistance at 1.7680 that confirms red wave iv has completed and red wave v towards at least 1.8030 is developing.

Only a break below important support at 1.7488 will force a re-count of the rally from 1.7117.

R3: 1.7711

R2: 1.7680

R1: 1.7650

Pivot: 1.7620

S1: 1.7586

S2: 1.7539

S3: 1.7488

Trading recommendation:

We are long EUR from 1.7615 with our stop placed at 1.7515. If you are not long EUR yet, then wait for a break above 1.7680 to enter a long position.