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Elliott wave analysis of EUR/NZD for February 15, 2017

analytics58a3f1792383d.png

Wave summary:

We continue to look for a break above minor resistance seen at 1.4828 and more importantly a break above resistance at 1.4862 that will call for a rally higher toward at least 1.4953, but could easily extend the rally higher to the 1.5276 target. Longer term, we are looking for much higher levels here, but we need the break above 1.5276 to confirm that a firm low was seen with the test of 1.4495 and a new long-term impulsive rally is starting.

R3: 1.4953

R2: 1.4862

R1: 1.4808

Pivot: 1.4750

S1: 1.4695

S2: 1.4637

S3: 1.4591

Trading recommendation:

We are long EUR from 1.4940 with stop placed at 1.4490. If you are not long EUR yet, the buy a break above 1.4862 and start by using the same stop at 1.4490 expecting to move it higher soon.

The material has been provided by InstaForex Company - www.instaforex.com