Elliott wave analysis of EUR/NZD for March 31, 2017
March 31, 2017 11:05 am
Wave summary:
With the test of 1.5203, wave [iv] could be complete for the final rally higher in wave [v] towards 1.5570 and possibly even closer to 1.5790. In the short term a break above minor resistance seen at 1.5347 is needed to confirm that wave [iv] has completed and wave [v] higher is unfolding.
As long as minor resistance at 1.5347 is able to cap the upside, we could still see a move slightly lower towards 1.5140, but it should just be a question of time before the next rally higher is seen now.
Trading recommendation:
We are long EUR from 1.5235. We have placed our stop at 1.5050 expecting to be able to move it higher soon. If you are not long EUR yet, then buy a break above 1.5347.
The material has been provided by InstaForex Company – www.instaforex.com Source: Instaforex.com
Wave summary:
With the test of 1.5203, wave [iv] could be complete for the final rally higher in wave [v] towards 1.5570 and possibly even closer to 1.5790. In the short term a break above minor resistance seen at 1.5347 is needed to confirm that wave [iv] has completed and wave [v] higher is unfolding.
As long as minor resistance at 1.5347 is able to cap the upside, we could still see a move slightly lower towards 1.5140, but it should just be a question of time before the next rally higher is seen now.
Trading recommendation:
We are long EUR from 1.5235. We have placed our stop at 1.5050 expecting to be able to move it higher soon. If you are not long EUR yet, then buy a break above 1.5347.
The material has been provided by InstaForex Company – www.instaforex.com
Source: Instaforex.com
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