Elliott wave analysis of EUR/NZD for March 18 – 2015
March 18, 2015 8:30 am
Technical summary:
It should be clear by now that this cross never makes it easy. There was no follow-through towards the downside, but instead an impulsive minor rally in wave c of an expanded flat correction. This means, we still should see more downside in wave v once the correction is over near 1.4556. In the short term we still expect a move slightly higher to 1.4556 as long as the minor support at 1.4451 protects the downside. From 1.4556 or above the break below the support at 1.4451 the final decline towards 1.3878 should be seen.
Trading recommendation:
Our stop at 1.4470 was hit for a loss. We will sell EUR at 1.4545 or above the break below 144.51 with a stop at 1.4645.
The material has been provided by InstaForex Company – www.instaforex.com
Technical summary:
It should be clear by now that this cross never makes it easy. There was no follow-through towards the downside, but instead an impulsive minor rally in wave c of an expanded flat correction. This means, we still should see more downside in wave v once the correction is over near 1.4556. In the short term we still expect a move slightly higher to 1.4556 as long as the minor support at 1.4451 protects the downside. From 1.4556 or above the break below the support at 1.4451 the final decline towards 1.3878 should be seen.
Trading recommendation:
Our stop at 1.4470 was hit for a loss. We will sell EUR at 1.4545 or above the break below 144.51 with a stop at 1.4645.
The material has been provided by InstaForex Company – www.instaforex.com
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