Elliott wave analysis of EUR/NZD for February 21, 2017

Wave summary:

We continue to look for a firm break above resistance at 1.4866 that finally will confirm that a long-term low is in place at 1.4495 and a new impulsive rally higher in wave 3 has begun. The first minor targets to look for is seen at 1.5282 and at 1.5516 on the way towards 1.5836 that is expected to mark the first more substantial resistance. But first we need that break above 1.4866.

R3: 1.5000

R2: 1.4945

R1: 1.4866

Pivot: 1.4800

S1: 1.4745

S2: 1.4675

S3: 1.4620

Trading recommendation:

We are long EUR from 1.4844 with stop placed at 1.4490. If you are not long EUR yet, then buy a break above 1.4866 and use the same stop at 1.4490

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

Source:: Elliott wave analysis of EUR/NZD for February 21, 2017