Elliott wave analysis of EUR/NZD for March 1 – 2016
March 1, 2016 7:30 am
Wave summary:
We are still looking for confirmation that wave [ii] is completed at 1.6236. A break above resistance at 1.6688 will confirm that this is the case and that a new impulsive rally in wave [iii] should be expected.
As long as resistance at 1.6688 is able to protect the upside, we must allow for more closer to 1.6105 before the final low is in place for wave [ii]. At no point can a break below 1.5858 be allowed.
Trading recommendation:
We will wait for a break above 1.6688 before buying EUR.
The material has been provided by InstaForex Company – www.instaforex.com
Wave summary:
We are still looking for confirmation that wave [ii] is completed at 1.6236. A break above resistance at 1.6688 will confirm that this is the case and that a new impulsive rally in wave [iii] should be expected.
As long as resistance at 1.6688 is able to protect the upside, we must allow for more closer to 1.6105 before the final low is in place for wave [ii]. At no point can a break below 1.5858 be allowed.
Trading recommendation:
We will wait for a break above 1.6688 before buying EUR.
The material has been provided by InstaForex Company – www.instaforex.com
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