Elliott wave analysis of EUR/NZD for September 28, 2018

The daily trading range is getting smaller and smaller, indicating that energy is building for the next larger move towards the upside. A break above minor resistance at 1.7685 will be the first good indication, that the next impulsive rally towards 1.8030 is developing, while a break above resistance at 1.7732 will confirm this rally is well underway. Support at 1.7580 should continue to protect the downside for the expected break above 1.7685 and above.

R3: 1.7823
R2: 1.7783
R1: 1.7732
Pivot: 1.7685
S1: 1.7651
S2: 1.7626
S3: 1.7580

Trading recommendation:

We are long EUR from 1.7615 with our stop placed at 1.7515. Upon a break above 1.7732 we will move our stop higher to 1.7575. We will take profit on half our position at 1.8000.

Analysis are provided by InstaForex