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    Elliott wave analysis of EUR/NZD for February 16 - 2015


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    Technical summary:

    With the break below support at 1.5198 wave (ii) has extended to the 70.7% corrective target, which, we expect, will protect the downside for a break above the minor resistance at 1.5234 and, more importantly, above the resistance at 1.5300 that confirms a new rally higher in wave (iii). We anticipate that the short-term support at 1.5165 will be able to protect the downside for the rally above the minor resistance at 1.5234. Only an unexpected break below 1.5165 (close below on an 4 hourly basis) does open up the downside for a move closer to 1.4889.

    Trading recommendation:

    Our stop at 1.5190 was hit. We will buy EUR again here at 1.5190 with stop place at 1.5090.

    Uitgevoerd door, Analytische expert
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