10.03.201707:30 Forex Analysis & Reviews: Elliott wave analysis of EUR/NZD for March 10, 2017

Long-term review

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Wave summary:

The break above 1.5286 could extend wave [iii] higher to 1.5512, but the rally in wave [iii] from 1.4554 looks quite extended and a correction towards 1.5049 in wave [iv] will not come as any surprise. That said it is important to remember that much more upside pressure is expected in the long term, as we only are in the early parts of wave 3 higher.

R3: 1.5660

R2: 1.5512

R1: 1.5454

Pivot: 1-5340

S1: 1.5223

S2: 1.5135

S3: 1.5049

Trading recommendation:

We look for a possibility to buy EUR near 1.5049.

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