InstaForex - Analytics

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    Elliott wave analysis of EUR/NZD for March 9, 2016 2016-03-09

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    Wave summary:

    We are finally seeing some real pressure on the resistance-line from 1.7223. A clear breakout above this resistance line is the first indication that a firm low has been seen at 1.6085 and a new impulsive rally is developing. To confirm that wave [iii] is developing, we still need a breakout above minor resistance at 1.6475 and more importantly a breakout above resistance at 1.6637. But if the latter gets broken, there will be no more doubts and wave [iii] higher to 1.8558 will develop.

    Trading recommendation:

    We are long EUR from 1.6125 and will move our stop higher to 1.6075. If you are not long EUR yet, then buy upon a breakout above 1.6475 and use the same stop at 1.6075.


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