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12.03.201506:57 Forex Analysis & Reviews: Elliott wave analysis of EUR/NZD for March 12 - 2015

Long-term review

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Technical summary:

We have seen an unexpected break below support at 1.4554, which has changed the wave configuration to a much more bearish structure. This more bearish count calls for a continuation lower to 1.4236 as the next downside target to end just wave iii. If support at 1.4236 is broken, wave iii will extend even further down to 1.3851, but we will be looking for support near 1.4236 for now. Short-term resistance is found at 1.4473.

Trading recommendation:

Our stop at 1.4560 has been hit. We will sell the EUR at 1.4450 with stop at 1.4500.

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