Elliott wave analysis of EUR/NZD for February 14, 2017

Wave summary:

We continue to look for a break above minor resistance at 1.4862 for a move closer to 1.4918 to complete wave i/ and set the stage for a minor correction to 1.4740; before the next and much stronger rally towards 1.5282 and 1.5764 on the way higher. In the long term, we are looking for much higher levels here, but we need to let the base for this strong rally evolve to be able to carry the prices higher as expected.

R3: 1.4918

R2: 1.4862

R1: 1.4828

Pivot: 1.4760

S2: 1.4715

S2: 1.4689

S3: 1.4649

Trading recommendation:

We are long EUR from 1.4740 with stop placed at 1.4490. Buy near 1.4740 or upon a break above 1.4828 for the rally towards 1.4918.

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

Source:: Elliott wave analysis of EUR/NZD for February 14, 2017