Elliott wave analysis of EUR/NZD for March 24 – 2015
March 24, 2015 9:20 am
Technical summary
We did see a decline towards 1.4079, but it fell short and stopped already at 1.4128 for a quick reversal, which has all the earmarks of being impulsive and if this is the case, we should turn our focus towards the upside for a break above 1.4631 soon. Until now we have seen a rally to 1.4343, and perfect support in the area of 1.4180 – 1.4210 will protect the downside for the next rally higher towards at least 1.4597 and possibly even higher to 1.4677. At this point only a break below 1.4128 will invalidate the bullish outlook and call for a move closer to 1.4079.
Trading recommendation:
We are short EUR from 1.4545 and will move stop + reverse lower to 1.4315 and place take profit + reverse at 1.4225.
The material has been provided by InstaForex Company – www.instaforex.com
Technical summary
We did see a decline towards 1.4079, but it fell short and stopped already at 1.4128 for a quick reversal, which has all the earmarks of being impulsive and if this is the case, we should turn our focus towards the upside for a break above 1.4631 soon. Until now we have seen a rally to 1.4343, and perfect support in the area of 1.4180 – 1.4210 will protect the downside for the next rally higher towards at least 1.4597 and possibly even higher to 1.4677. At this point only a break below 1.4128 will invalidate the bullish outlook and call for a move closer to 1.4079.
Trading recommendation:
We are short EUR from 1.4545 and will move stop + reverse lower to 1.4315 and place take profit + reverse at 1.4225.
The material has been provided by InstaForex Company – www.instaforex.com
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