Elliott wave analysis of EUR/NZD for February 16, 2017
February 16, 2017 6:31 am
Wave summary:
The correction from 1.4862 has become deeper than first expected. That has changed the short-term count slightly. Instead of wave [i] completing closer to 1.4953 wave [i] already completed with the test of 1.4862 and the ongoing correction is wave [ii]. As second waves has a tendency to become very deep, we need to allow for a move closer to 1.4574 and even a 100% correction to 1.4495, but the starting point of wave [i] can not be broken at any time as that will invalidate the bullish count.
Short-term a break above minor resistance at 1.4828 is needed to confirm wave [ii] is complete and wave [iii] higher towards at least 1.5218 is developing.
Trading recommendation:
We are long EUR from 1,4540 with stop placed at 1.4490. If you are not long EUR yet, then buy near 1.4574 or upon a break above 1.4828 and use the same stop at 1.4490
The material has been provided by InstaForex Company – www.instaforex.com Source: Instaforex.com
Wave summary:
The correction from 1.4862 has become deeper than first expected. That has changed the short-term count slightly. Instead of wave [i] completing closer to 1.4953 wave [i] already completed with the test of 1.4862 and the ongoing correction is wave [ii]. As second waves has a tendency to become very deep, we need to allow for a move closer to 1.4574 and even a 100% correction to 1.4495, but the starting point of wave [i] can not be broken at any time as that will invalidate the bullish count.
Short-term a break above minor resistance at 1.4828 is needed to confirm wave [ii] is complete and wave [iii] higher towards at least 1.5218 is developing.
Trading recommendation:
We are long EUR from 1,4540 with stop placed at 1.4490. If you are not long EUR yet, then buy near 1.4574 or upon a break above 1.4828 and use the same stop at 1.4490
The material has been provided by InstaForex Company – www.instaforex.com
Source: Instaforex.com
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