Elliott wave analysis of EUR/NZD for March 7, 2017
March 7, 2017 2:46 pm
Wave summary:
We continue to look for wave [iii] to extend closer to the 200% extension target of wave [i]. This target is seen at 1.5286. Once this target is reached, then expect a shallow sideways correction in wave [iv] before higher in wave [v] to above 1.5286. Support is seen near 1.5029 and again at 1.4996 which is expected to protect the downside for the rally higher to 1.5286 and above.
R3: 1.5286
R2: 1.5197
R1: 1.5176
Pivot: 151.30
S1: 1.5029
S2: 1.4996
S3: 1.4945
Trading recommendation:
We are long EUR from 1.4840 with stop placed at break-even. If you are not long EUR yet, then buy near 1.5029 and use the same stop at 1.4840.
The material has been provided by InstaForex Company – www.instaforex.com Source: Instaforex.com
Wave summary:
We continue to look for wave [iii] to extend closer to the 200% extension target of wave [i]. This target is seen at 1.5286. Once this target is reached, then expect a shallow sideways correction in wave [iv] before higher in wave [v] to above 1.5286. Support is seen near 1.5029 and again at 1.4996 which is expected to protect the downside for the rally higher to 1.5286 and above.
R3: 1.5286
R2: 1.5197
R1: 1.5176
Pivot: 151.30
S1: 1.5029
S2: 1.4996
S3: 1.4945
Trading recommendation:
We are long EUR from 1.4840 with stop placed at break-even. If you are not long EUR yet, then buy near 1.5029 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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