Elliott wave analysis of EUR/NZD for March 27, 2017

Wave summary:

The triangle consolidation in wave [iv] should be close to completion for a rally above 1.5441 confirming more upside pressure towards 1.5764 in wave [v]. Only form this higher should a larger correction towards 1.5440 and maybe even closer to 1.5310 be expected.

R3: 1.5537

R2: 1.5460

R1: 1.5441

Pivot: 1.5400

S1: 1.5285

S2: 1.5263

S3: 1.5230

Trading recommendation:

We are long EUR from 1.5170 with stop placed at 1.5160. If you are not long yet, a minor position could be taken upon a break above 1.5441 for a rally to 1.5764. Place you stop at 1.5325.

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