Elliott wave analysis of EUR/NZD for February 27, 2017


Wave summary:

There really is much news to add here. We are still looking for a break above important short-term resistance, seen at 1.4866 that will confirm that a low is in place, with the test of 1.4495 and a new long-term impulsive rally is developing for a rally towards 1.5282 and higher towards 1.5836 as the next upside targets.

Short-term support is seen at 1.4554, which ideally will protect the downside for the expected break above 1.4866.

R3: 1.4866

R2: 1.4805

R1: 1.4751

Pivot: 1.4705

S1: 1.4609

S2: 1.4554

S3: 1.4495

Trading recommendation:

Buy a break above resistance seen at 1.4866 and place stop at 1.4490.

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