Elliott wave analysis of EUR/NZD for March 17 – 2017
March 17, 2017 4:30 pm
Wave summary:
The flat correction in wave [iv] continues to unfold. We are still looking for a move closer to 1.5116 before the correction in wave [iv] should complete and set the stage for the next impulsive rally in wave [v] of i higher towards 1.5765.
In the short term, only a direct break above the resistance at 1.5441 will indicate that the correction has already completed and wave [v] is developing.
R3: 1.5510
R2: 1.5441
R1: 1.5350
Pivot 1.5320
S1: 1.5271
S2: 1.5170
S1: 1.5116
Trading recommendation:
We will buy EUR at 1.5155 or upon a break above 1.5445.
The material has been provided by InstaForex Company – www.instaforex.com Source: Instaforex.com
Wave summary:
The flat correction in wave [iv] continues to unfold. We are still looking for a move closer to 1.5116 before the correction in wave [iv] should complete and set the stage for the next impulsive rally in wave [v] of i higher towards 1.5765.
In the short term, only a direct break above the resistance at 1.5441 will indicate that the correction has already completed and wave [v] is developing.
R3: 1.5510
R2: 1.5441
R1: 1.5350
Pivot 1.5320
S1: 1.5271
S2: 1.5170
S1: 1.5116
Trading recommendation:
We will buy EUR at 1.5155 or upon a break above 1.5445.
The material has been provided by InstaForex Company – www.instaforex.com
Source: Instaforex.com
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