Elliott Wave Analysis of EUR/NZD for March 31 - 2016
We have likely seen a low at 1.6229 just above the 1.6210 target. To confirm that a low has been seen, we need a break above minor resistance at 1.6508 and, more importantly, a break above resistance at 1.6725 that will call for renewed upside pressure towards 1.7220 and 1.8551.
Hopefully, we will see upside acceleration this time around, then we will not set our expectations too high as we have been disappointed a couple of times now.
We bought EUR at 1.6250 and will place our stop at a break-even point. If you are not long in EUR yet, then buy near 1.6292 or upon a break above 1.6508.
The material has been provided by InstaForex Company - www.instaforex.com