Elliott wave analysis of EUR/NZD for October 31, 2018
We have seen the expected dip closer to support in the 1.7290 – 1.7300 zone (the low has been seen at 1.7267). Short-term a break above minor resistance at 1.7333 will be the first good indication that the corrective decline in red wave ii/ has completed and red wave iii/ is ready to take over for a rally towards 1.8253.
A break above resistance at 1.7459 confirms that red wave ii/ has completed and red wave iii/ is developing.
We will buy EUR upon a break above minor resistance at 1.7333 and place our stop at 1.7233.