Elliott Wave Analysis of EUR/NZD for March 3, 2016

Elliott Wave Analysis of EUR/NZD for March 3, 2016

Wave summary:

This cross again did, what it has done many times lately. It stages the first minor signal that the correction in wave [ii] was over and then took a new dive to new lows, this is pretty confusing. The break to a new low, does call for a move closer to 1.6110 before the next rally above minor resistance at 1.6475 and more importantly a break above 1.6637 confirming that wave [iii] higher finally is developing.

Trading recommendation:

We will buy EUR at 1.6125 or upon a break above 1.6475. If our buy-order at 1.6125 is filled our stop will be placed at 1.5790.

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