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09.02.201708:38 Forex Analysis & Reviews: Elliott wave analysis of EUR/NZD for February 09, 2017

Long-term review

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Wave summary:

Finally we see the signs of wave 2 being complete. We still need a break above minor resistance at 1.4867 to confirm that the low is in place and wave 3 has started. All new trends kick off with a quick move and often a deep pullback, but then rally starts to accelerate. We should expect the same here with the first major hurdle seen near 1.5276, which could give us that deep pullback. However, that will be the last chance to buy this cross near the bottom of wave 2. Because once the upside acceleration really takes over in wave 3, there will be no turning back.

This wave 3 rally, ultimately, takes us above 1.9023.

R3: 1.5193

R2: 1.4953

R1: 1.4867

Pivot: 1.4825

S1: 1.4727

S2: 1.4650

S3: 1.4530

Trading recommendation:

We will buy EUR at 1.4450 or upon a break above 1.4867.

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