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01.10.2018 05:31 AM
Elliott wave analysis of EUR/NZD for October 1, 2018

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Due to the uncertainties in Italy's economy the EUR was pushed lower than first expected, but the long-term uptrend remains firmly in place.

With the test of long-term support at 1.7484 EUR/NZD corrective decline likely is done and the next impulsive rally about to start. That said, we need a break above minor resistance at 1.7637 and more importantly a break above resistance at 1.7732 to confirm the next rally towards 1.8030 and longer term higher to 1.8369.

R3: 1.7732

R2: 1.7704

R1: 1.7636

Pivot: 1.7554

S1: 1.7528

S2: 1.7484

S3: 1.7420

Trading recommendation: Our stop at 1.7515 was hit for a loss of 100 pips. We will re-buy EUR at 1.7500 or upon a break above 1.7638.

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