Elliott wave analysis of EUR/NZD for March 3, 2017
March 3, 2017 5:58 am
EUR/NZD – 4 Hourly
EUR/NZD – Daily
Wave summary:
Finally, the break above important short-term resistance seen at 1.4866 is a fact. This break confirms that wave 2 completed with the test of 1.4495 and wave 3 now is unfolding. The rally in wave 3 should ultimately take us above the top of wave 1 seen at 1.9023, so we have a lot more upside to cover here. With the break above 1.4866 the next minor upside target to look for is seen at 1.5258 with strong resistance thereafter seen at 1.5764.
In the short term the former resistance at 1.4866 should now work as support if it is retested.
R3: 1.5282
R2: 1.5193
R1: 1.5048
Pivot: 1.4955
S1: 1.4866
S2: 1.4819
S3: 1.4752
Trading recommendation:
We are long EUR from 1.4840 and we will move our stop higher to 1.4670. If you are not long EUR yet, then buy near 1.4866 or upon a break above 1.5000 and use the same stop at 1.4670.
The material has been provided by InstaForex Company – www.instaforex.com Source: Instaforex.com
EUR/NZD – 4 Hourly
EUR/NZD – Daily
Wave summary:
Finally, the break above important short-term resistance seen at 1.4866 is a fact. This break confirms that wave 2 completed with the test of 1.4495 and wave 3 now is unfolding. The rally in wave 3 should ultimately take us above the top of wave 1 seen at 1.9023, so we have a lot more upside to cover here. With the break above 1.4866 the next minor upside target to look for is seen at 1.5258 with strong resistance thereafter seen at 1.5764.
In the short term the former resistance at 1.4866 should now work as support if it is retested.
R3: 1.5282
R2: 1.5193
R1: 1.5048
Pivot: 1.4955
S1: 1.4866
S2: 1.4819
S3: 1.4752
Trading recommendation:
We are long EUR from 1.4840 and we will move our stop higher to 1.4670. If you are not long EUR yet, then buy near 1.4866 or upon a break above 1.5000 and use the same stop at 1.4670.
The material has been provided by InstaForex Company – www.instaforex.com
Source: Instaforex.com
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