Elliott wave analysis of EUR/NZD for April 26, 2017
April 26, 2017 6:07 am
Wave summary:
The base-channel resistance line near 1.5765 is now behind us and wave iii should continue to accelerate higher towards the 166.56 target. Upon a break above 1.5834, the next minor resistance on the way higher will be seen at 1.6115.
As we are in wave iii of 3, we should be aware that corrections can be small and even sub-normal, so stay with the trend higher.
R3: 1.6485
R2: 1.6115
R1: 1.5834
Pivot: 1.5800
S1: 1.5765
S2: 1.5728
S3: 1.5670
Trading recommendation:
We are long EUR from 1.5350 and will move our stop higher to 1.5650. If you are not long EUR yet, then buy near 1.5765 and use the same stop at 1.5650.
The material has been provided by InstaForex Company – www.instaforex.com Source: Instaforex.com
Wave summary:
The base-channel resistance line near 1.5765 is now behind us and wave iii should continue to accelerate higher towards the 166.56 target. Upon a break above 1.5834, the next minor resistance on the way higher will be seen at 1.6115.
As we are in wave iii of 3, we should be aware that corrections can be small and even sub-normal, so stay with the trend higher.
R3: 1.6485
R2: 1.6115
R1: 1.5834
Pivot: 1.5800
S1: 1.5765
S2: 1.5728
S3: 1.5670
Trading recommendation:
We are long EUR from 1.5350 and will move our stop higher to 1.5650. If you are not long EUR yet, then buy near 1.5765 and use the same stop at 1.5650.
The material has been provided by InstaForex Company – www.instaforex.com
Source: Instaforex.com
Related Posts: