2018-10-31
EUR/JPY continues to push higher as wave B is evolving. We will not be surprised to see a minor set-back to support near 127.84 and maybe even closer to the 61.8% corrective target near 127.34 before the next rally higher towards 129.22 and 130.20.
A break below minor support near 128.18 will indicate a short-term correction before higher towards 130.20 in wave B
R3: 129.22
R2: 128.75
R1: 128.44
Pivot: 128.18
S1: 127.84
S2: 127.54
S3: 127.34
Trading recommendation:
We are long EUR from 127.75 and will keep our stop at 126.50 for now. If you are not long EUR yet, then use a dip to the 127.34 - 127.84 zone to buy and place your stop at 126.50 too.
Elliott wave analysis of EUR/NZD for October 31, 2018
2018-10-31
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.
R3: 1.7497
R2: 1.7459
R1: 1.7384
Pivot: 1.7333
S1: 1.7294
S2: 1.7267
S3: 1.7218
Trading recommendation:
We will buy EUR upon a break above minor resistance at 1.7333 and place our stop at 1.7233.
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