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24.03.201715:33 Forex Analysis & Reviews: Elliott wave analysis of EUR/NZD for March 24, 2017

Long-term review

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Wave summary:

The triangle consolidation we mentioned yesterday is shaping up nicely and all that is needed is a minor setback to 1.5285 before the triangle is complete and wave [5] higher to 1.5764 should be expected.

A break above minor resistance seen at 1.5441 will indicate that wave [v] higher is unfolding.

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. Take profit will be placed at 1.5750.

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