Elliott wave analysis of EUR/NZD for April 6, 2017
April 6, 2017 8:16 am
Wave summary:
We continue to look for a break above minor resistance at 1.5347 to confirm that wave [v] higher towards at least 1.5570 and likely even closer to 1.5790 is unfolding.
In the short term, support is seen at 1.5210 and again at 1.5151. The later support should be able to protect the downside or the corrective decline in wave [iv] will be revived, but the potential downside should be limited.
R3: 1.5458
R2: 1.5385
R1: 1.5347
Pivot: 1.5275
S1: 1.5235
S2: 1.5210
S3: 1.5151
Trading recommendation:
We are long EUR from 1.5235 with stop placed at 1.5050. If you are not long EUR yet, then buy a break above 1.5347 and use the same stop.
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 at 1.5347 to confirm that wave [v] higher towards at least 1.5570 and likely even closer to 1.5790 is unfolding.
In the short term, support is seen at 1.5210 and again at 1.5151. The later support should be able to protect the downside or the corrective decline in wave [iv] will be revived, but the potential downside should be limited.
R3: 1.5458
R2: 1.5385
R1: 1.5347
Pivot: 1.5275
S1: 1.5235
S2: 1.5210
S3: 1.5151
Trading recommendation:
We are long EUR from 1.5235 with stop placed at 1.5050. If you are not long EUR yet, then buy a break above 1.5347 and use the same stop.
The material has been provided by InstaForex Company – www.instaforex.com
Source: Instaforex.com
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