Elliott wave analysis of EUR/NZD for February 13, 2017
February 13, 2017 6:33 am
Wave summary:
We are still looking for more upside here towards 1.4918 to complete wave [i] and set the stage for a minor correction back to 1.4695 from where a new strong rally is expected towards 1.5836 and possibly even higher. In the short term a break above minor resistance at 1.4791 will confirm the rally higher to 1.4918.
Ideally, support at 1.4695 will be able to protect the downside for the expected rally higher to 1.4918; but only a break below support at 1.4651 will question this rally.
R3: 1.4918
R2: 1.4860
R1: 1.4791
Pivot: 1.4735
S1: 1.4695
S2: 1.4675
S1: 1.4651
Trading recommendation:
We bought EUR at 1.4740 and has placed our stop at 1.4490.
The material has been provided by InstaForex Company – www.instaforex.com Source: Instaforex.com
Wave summary:
We are still looking for more upside here towards 1.4918 to complete wave [i] and set the stage for a minor correction back to 1.4695 from where a new strong rally is expected towards 1.5836 and possibly even higher. In the short term a break above minor resistance at 1.4791 will confirm the rally higher to 1.4918.
Ideally, support at 1.4695 will be able to protect the downside for the expected rally higher to 1.4918; but only a break below support at 1.4651 will question this rally.
R3: 1.4918
R2: 1.4860
R1: 1.4791
Pivot: 1.4735
S1: 1.4695
S2: 1.4675
S1: 1.4651
Trading recommendation:
We bought EUR at 1.4740 and has placed our stop at 1.4490.
The material has been provided by InstaForex Company – www.instaforex.com
Source: Instaforex.com
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