Elliott wave analysis of EUR/NZD for March 1 – 2017
March 1, 2017 4:12 pm
Wave summary:
The important resistance seen at 1.4866 is again under fire. This resistance needs to be broken to confirm that a long-term corrective low was seen with the test of 1.4495 and a new long-term impulsive rally is developing. Upon a break above resistance at 1.4866 the first target will be seen at 1.5282 and then at 1.5834.
Support is now seen at 1.4736 and again at 1.4629.
R3: 1.5193
R2: 1.4964
R1: 1.4866
Pivot: 1.4810
S1: 1.4738
S2: 1.4629
S3: 1.4572
Trading recommendation:
We are long EUR from 1.4840 with stop placed at 1.4490. If you are not long EUR yet, then buy a break above 1.4866 and start by using the same stop.
The material has been provided by InstaForex Company – www.instaforex.com Source: Instaforex.com
Wave summary:
The important resistance seen at 1.4866 is again under fire. This resistance needs to be broken to confirm that a long-term corrective low was seen with the test of 1.4495 and a new long-term impulsive rally is developing. Upon a break above resistance at 1.4866 the first target will be seen at 1.5282 and then at 1.5834.
Support is now seen at 1.4736 and again at 1.4629.
R3: 1.5193
R2: 1.4964
R1: 1.4866
Pivot: 1.4810
S1: 1.4738
S2: 1.4629
S3: 1.4572
Trading recommendation:
We are long EUR from 1.4840 with stop placed at 1.4490. If you are not long EUR yet, then buy a break above 1.4866 and start by using the same stop.
The material has been provided by InstaForex Company – www.instaforex.com
Source: Instaforex.com
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