Elliott wave analysis of EUR/NZD for February 6 – 2017
February 6, 2017 9:15 am
Wave summary:
The correction from 1.9114 has extended and seen a new low at 1.4650. As long as minor resistance at 1.4945 is able to cap the upside, we need to allow for slightly lower to 1.4560 to complete this extremely complex ending diagonal, which has been unfolding since June 2016. Only a break above minor resistance at 1.4945 will ease the downside pressure, while a break above resistance at 1.5282 will be needed to confirm that wave 2 finally has completed and wave 3 has taken over for a new long-term impulsive rally that ultimately should take this cross above 1.9114.
R3: 1.5282
R2: 1.4953
R1: 1.4867
Pivot: 1.4675
S1: 1.4654
S2: 1.4560
S2: 1.4449
Trading recommendation:
Our top at 1.4650 has been hit for a loss. We will only buy a break above 1.4945.
The material has been provided by InstaForex Company – www.instaforex.com Source: Instaforex.com
Wave summary:
The correction from 1.9114 has extended and seen a new low at 1.4650. As long as minor resistance at 1.4945 is able to cap the upside, we need to allow for slightly lower to 1.4560 to complete this extremely complex ending diagonal, which has been unfolding since June 2016. Only a break above minor resistance at 1.4945 will ease the downside pressure, while a break above resistance at 1.5282 will be needed to confirm that wave 2 finally has completed and wave 3 has taken over for a new long-term impulsive rally that ultimately should take this cross above 1.9114.
R3: 1.5282
R2: 1.4953
R1: 1.4867
Pivot: 1.4675
S1: 1.4654
S2: 1.4560
S2: 1.4449
Trading recommendation:
Our top at 1.4650 has been hit for a loss. We will only buy a break above 1.4945.
The material has been provided by InstaForex Company – www.instaforex.com
Source: Instaforex.com
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