Elliott wave analysis of EUR/NZD for February 09, 2017
February 9, 2017 6:38 am
Wave summary:
Finally we see the signs of wave 2 being complete. We still need a break above minor resistance at 1.4867 to confirm that the low is in place and wave 3 has started. All new trends kick off with a quick move and often a deep pullback, but then rally starts to accelerate. We should expect the same here with the first major hurdle seen near 1.5276, which could give us that deep pullback. However, that will be the last chance to buy this cross near the bottom of wave 2. Because once the upside acceleration really takes over in wave 3, there will be no turning back.
This wave 3 rally, ultimately, takes us above 1.9023.
R3: 1.5193
R2: 1.4953
R1: 1.4867
Pivot: 1.4825
S1: 1.4727
S2: 1.4650
S3: 1.4530
Trading recommendation:
We will buy EUR at 1.4450 or upon a break above 1.4867.
The material has been provided by InstaForex Company – www.instaforex.com Source: Instaforex.com
Wave summary:
Finally we see the signs of wave 2 being complete. We still need a break above minor resistance at 1.4867 to confirm that the low is in place and wave 3 has started. All new trends kick off with a quick move and often a deep pullback, but then rally starts to accelerate. We should expect the same here with the first major hurdle seen near 1.5276, which could give us that deep pullback. However, that will be the last chance to buy this cross near the bottom of wave 2. Because once the upside acceleration really takes over in wave 3, there will be no turning back.
This wave 3 rally, ultimately, takes us above 1.9023.
R3: 1.5193
R2: 1.4953
R1: 1.4867
Pivot: 1.4825
S1: 1.4727
S2: 1.4650
S3: 1.4530
Trading recommendation:
We will buy EUR at 1.4450 or upon a break above 1.4867.
The material has been provided by InstaForex Company – www.instaforex.com
Source: Instaforex.com
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