Elliott wave analysis of EUR/NZD for September 3, 2015
September 3, 2015 7:10 am
Technical summary:
An uptrend is still firmly in place. Important support at 1.7103 seems to be far away and the preferred Elliott Wave count is moving towards a final high above 1.9023. A short-term breakout above minor resistance at 1.7945 will confirm a continuation higher towards 1.9023 and even above. That said, the top of wave iii at 1.9023 seems to be far away with risk of a potential fifth wave failure.
Trading recommendation:
As risk seems greater than normal, we will stay neutral.
The material has been provided by InstaForex Company – www.instaforex.com
Technical summary:
An uptrend is still firmly in place. Important support at 1.7103 seems to be far away and the preferred Elliott Wave count is moving towards a final high above 1.9023. A short-term breakout above minor resistance at 1.7945 will confirm a continuation higher towards 1.9023 and even above. That said, the top of wave iii at 1.9023 seems to be far away with risk of a potential fifth wave failure.
Trading recommendation:
As risk seems greater than normal, we will stay neutral.
The material has been provided by InstaForex Company – www.instaforex.com
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