Elliott wave analysis of EUR/NZD for March 9, 2017
March 9, 2017 2:21 pm
Wave summary:
We expected resistance at 1.5286 to cap the upside, but there was no problem to break through. It opened the way for a direct continuation higher to 1.5512 before wave [iii] is in place. That said, a break below minor support seen at 1.5223 will indicate that wave [iii] has completed and wave [iv] is unfolding towards 1.5035 before the next bullish rally higher.
R3: 1.5695
R2: 1.5512
R1: 1.5454
Pivot: 1.5340
S1: 1.5223
S2: 1.5130
S3: 1.5035
Trading recommendation:
We took profit on longs at 1.5275 for a nice profit. We will only buy on a correction towards 1.5035.
The material has been provided by InstaForex Company – www.instaforex.com Source: Instaforex.com
Wave summary:
We expected resistance at 1.5286 to cap the upside, but there was no problem to break through. It opened the way for a direct continuation higher to 1.5512 before wave [iii] is in place. That said, a break below minor support seen at 1.5223 will indicate that wave [iii] has completed and wave [iv] is unfolding towards 1.5035 before the next bullish rally higher.
R3: 1.5695
R2: 1.5512
R1: 1.5454
Pivot: 1.5340
S1: 1.5223
S2: 1.5130
S3: 1.5035
Trading recommendation:
We took profit on longs at 1.5275 for a nice profit. We will only buy on a correction towards 1.5035.
The material has been provided by InstaForex Company – www.instaforex.com
Source: Instaforex.com
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