Elliott wave analysis of EUR/NZD for February 25 – 2015
February 25, 2015 7:50 am
Technical summary:
We saw a minor break above resistance at 1.5209 yesterday, which was followed by a quick reversal lower. We count this as a new wave one and two developing, but this also means that support at 1.5023 can not be broken as it would shift the count to black wave ii unfolding as an expanded flat. In the short term, a break above 1.5081 will be the first indication that red wave ii is over and red wave iii higher towards at least 1.5359 is unfolding. A break below 1.5023 will indicate that black wave ii still is unfolding as an expanded flat for a move lower to 1.4990 before black wave iii higher should take over.
Trading recommendations:
We are long EUR from 1.5025 with stop placed at 1.5020. Buy EUR close to 1.5023 or upon a break above 1.5081 with the same stop at 1.5020.
The material has been provided by InstaForex Company – www.instaforex.com
Technical summary:
We saw a minor break above resistance at 1.5209 yesterday, which was followed by a quick reversal lower. We count this as a new wave one and two developing, but this also means that support at 1.5023 can not be broken as it would shift the count to black wave ii unfolding as an expanded flat. In the short term, a break above 1.5081 will be the first indication that red wave ii is over and red wave iii higher towards at least 1.5359 is unfolding. A break below 1.5023 will indicate that black wave ii still is unfolding as an expanded flat for a move lower to 1.4990 before black wave iii higher should take over.
Trading recommendations:
We are long EUR from 1.5025 with stop placed at 1.5020. Buy EUR close to 1.5023 or upon a break above 1.5081 with the same stop at 1.5020.
The material has been provided by InstaForex Company – www.instaforex.com
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