Elliott wave analysis of EUR/NZD for March 6, 2017
March 6, 2017 2:09 pm
Wave summary:
The rally from 1.4554 is just as strong as we expected and more upside continues to be expected closer to 1.5286, where wave [iii] will be 200% of the length of wave [i]. Short-term minor support is seen at 1.4999, which ideally will protect the downside for the rally higher to 1.5286 before a shallow correction is seen in wave [iv].
R3: 1.5286
R2: 1.5193
R1: 1.5140
Pivot: 1.5100
S1: 1.5000
S2: 1.4945
S3: 1.4877
Trading recommendation:
We are long EUR from 1.4840 and we will move our stop to break-even. If you are not long EUR yet, then buy near 1.4999 or upon a break above 1.5100 and use the same stop at 1.4840.
The material has been provided by InstaForex Company – www.instaforex.com Source: Instaforex.com
Wave summary:
The rally from 1.4554 is just as strong as we expected and more upside continues to be expected closer to 1.5286, where wave [iii] will be 200% of the length of wave [i]. Short-term minor support is seen at 1.4999, which ideally will protect the downside for the rally higher to 1.5286 before a shallow correction is seen in wave [iv].
R3: 1.5286
R2: 1.5193
R1: 1.5140
Pivot: 1.5100
S1: 1.5000
S2: 1.4945
S3: 1.4877
Trading recommendation:
We are long EUR from 1.4840 and we will move our stop to break-even. If you are not long EUR yet, then buy near 1.4999 or upon a break above 1.5100 and use the same stop at 1.4840.
The material has been provided by InstaForex Company – www.instaforex.com
Source: Instaforex.com
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