Elliott wave analysis of EUR/NZD for March 20, 2017


Wave summary:

We continue to look for a final decline closer to 1.5165 to complete wave [iv] and are setting the stage for a rally in wave [v] towards 1.5837 to complete the first impulsive rally of the 1.4495 low. Short term, minor resistance seen at 1.5350 should be able to cap the upside for the expected decline to 1.5165.

R3: 1.5429

R2: 1.5350

R1: 1.5300

Pivot: 1.5250

S1: 1.5213

S2: 1.5165

S3: 1.5105

Trading recommendation:

We are looking for a EUR buying opportunity at 151.70 or upon a break above 1.5350.

The material has been provided by InstaForex Company – www.instaforex.com
Source: Forex Review