Elliott wave analysis of EUR/NZD for March 7, 2017

Wave summary:

We continue to look for wave [iii] to extend closer to the 200% extension target of wave [i]. This target is seen at 1.5286. Once this target is reached, then expect a shallow sideways correction in wave [iv] before higher in wave [v] to above 1.5286. Support is seen near 1.5029 and again at 1.4996 which is expected to protect the downside for the rally higher to 1.5286 and above.

R3: 1.5286

R2: 1.5197

R1: 1.5176

Pivot: 151.30

S1: 1.5029

S2: 1.4996

S3: 1.4945

Trading recommendation:

We are long EUR from 1.4840 with stop placed at break-even. If you are not long EUR yet, then buy near 1.5029 and use the same stop at 1.4840.

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