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Elliott wave analysis of EUR/NZD for March 24 - 2015

2015-03-24-EURNZD-4H.png

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Technical summary

We did see a decline towards 1.4079, but it fell short and stopped already at 1.4128 for a quick reversal, which has all the earmarks of being impulsive and if this is the case, we should turn our focus towards the upside for a break above 1.4631 soon. Until now we have seen a rally to 1.4343, and perfect support in the area of 1.4180 - 1.4210 will protect the downside for the next rally higher towards at least 1.4597 and possibly even higher to 1.4677. At this point only a break below 1.4128 will invalidate the bullish outlook and call for a move closer to 1.4079.

Trading recommendation:

We are short EUR from 1.4545 and will move stop reverse lower to 1.4315 and place take profit reverse at 1.4225.

Uitgevoerd door, Analytische expert
InstaForex Group © 2007-2015


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