Elliott wave analysis of EUR/NZD for February 28, 2017

Wave summary:

For the time being the dynamics of EUR/NZD is sluggish. We still think a long-term low was seen at 1.4495, and a new impulsive rally is on. However, we need a break above the resistance at 1.4866 to confirm that the low is in place and a new impulsive rally higher to 1.5282 and 1.5836 is unfolding.

This bullish count excludes the possibility of a break below 1.4495.

R3: 1.4866

R2: 1.4804

R1: 1.4751

Pivot: 1.4675

S1: 1.4615

S2: 1.4554

S3: 1.4495

Trading recommendation:

We are long EUR from 1.4840 with stop placed at 1.4490. If you are not long EUR yet, buy upon a break above 1.4866 and use the same stop at 1.4490.

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