Elliott wave analysis of EUR/NZD for February 15, 2017
February 15, 2017 6:17 am
Wave summary:
We continue to look for a break above minor resistance seen at 1.4828 and more importantly a break above resistance at 1.4862 that will call for a rally higher toward at least 1.4953, but could easily extend the rally higher to the 1.5276 target. Longer term, we are looking for much higher levels here, but we need the break above 1.5276 to confirm that a firm low was seen with the test of 1.4495 and a new long-term impulsive rally is starting.
R3: 1.4953
R2: 1.4862
R1: 1.4808
Pivot: 1.4750
S1: 1.4695
S2: 1.4637
S3: 1.4591
Trading recommendation:
We are long EUR from 1.4940 with stop placed at 1.4490. If you are not long EUR yet, the buy a break above 1.4862 and start by using the same stop at 1.4490 expecting to move it higher soon.
The material has been provided by InstaForex Company – www.instaforex.com Source: Instaforex.com
Wave summary:
We continue to look for a break above minor resistance seen at 1.4828 and more importantly a break above resistance at 1.4862 that will call for a rally higher toward at least 1.4953, but could easily extend the rally higher to the 1.5276 target. Longer term, we are looking for much higher levels here, but we need the break above 1.5276 to confirm that a firm low was seen with the test of 1.4495 and a new long-term impulsive rally is starting.
R3: 1.4953
R2: 1.4862
R1: 1.4808
Pivot: 1.4750
S1: 1.4695
S2: 1.4637
S3: 1.4591
Trading recommendation:
We are long EUR from 1.4940 with stop placed at 1.4490. If you are not long EUR yet, the buy a break above 1.4862 and start by using the same stop at 1.4490 expecting to move it higher soon.
The material has been provided by InstaForex Company – www.instaforex.com
Source: Instaforex.com
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