Elliott wave analysis of EUR/NZD for February 10, 2017
February 10, 2017 6:12 am
Wave summary:
Important short-term resistance at 1.4867 remains intact, but it should only be a matter of time before it is broken for a move slightly higher towards 1.4953, which likely will mark the top of wave i/ and set the stage for a minor setback to 1.4735 from where the next impulsive rally in wave iii/ is expected.
Support is now seen at 1.4735, which is expected to protect the downside for the break above resistance at 1.4867 for the spike higher to 1.4953.
R3: 1.4953
R2: 1.4895
R1: 1.4867
Pivot: 1.4820
S1: 1.4758
S2: 1.4735
S3: 1.4678
Trading recommendation:
We will buy EUR at 1.4740 or upon a break above 1.4867. If the later is hit first, we will take profit at 1.4945 for a new buying opportunity at 1.4740.
The material has been provided by InstaForex Company – www.instaforex.com Source: Instaforex.com
Wave summary:
Important short-term resistance at 1.4867 remains intact, but it should only be a matter of time before it is broken for a move slightly higher towards 1.4953, which likely will mark the top of wave i/ and set the stage for a minor setback to 1.4735 from where the next impulsive rally in wave iii/ is expected.
Support is now seen at 1.4735, which is expected to protect the downside for the break above resistance at 1.4867 for the spike higher to 1.4953.
R3: 1.4953
R2: 1.4895
R1: 1.4867
Pivot: 1.4820
S1: 1.4758
S2: 1.4735
S3: 1.4678
Trading recommendation:
We will buy EUR at 1.4740 or upon a break above 1.4867. If the later is hit first, we will take profit at 1.4945 for a new buying opportunity at 1.4740.
The material has been provided by InstaForex Company – www.instaforex.com
Source: Instaforex.com
Related Posts: