Elliott wave analysis of EUR/NZD for March 7 – 2016
March 7, 2016 7:40 am
Wave summary:
We have just seen the expected test of support at 1.6110 (the pair hit the low at 1.6085). We are now looking for a break above minor resistance at 1.6304 as the first good indication that wave [ii] is over and wave [iii] higher is developing.
A break above resistance at 1.6637 confirms that wave [iii] is developing.
Trading recommendation:
We are long EUR from 1.6125 with stop placed at 1.5790. If you are not long EUR yet, the buy here or upon a break above 1.6304 a place your stop below the most recent low.
The material has been provided by InstaForex Company – www.instaforex.com
Wave summary:
We have just seen the expected test of support at 1.6110 (the pair hit the low at 1.6085). We are now looking for a break above minor resistance at 1.6304 as the first good indication that wave [ii] is over and wave [iii] higher is developing.
A break above resistance at 1.6637 confirms that wave [iii] is developing.
Trading recommendation:
We are long EUR from 1.6125 with stop placed at 1.5790. If you are not long EUR yet, the buy here or upon a break above 1.6304 a place your stop below the most recent low.
The material has been provided by InstaForex Company – www.instaforex.com
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