For Traders

Analytical Reviews

Wave analysis

20.04.201708:19 Forex Analysis & Reviews: Elliott wave analysis of EUR/NZD for April 20, 2017

Long-term review

This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

Wave summary:

The falling channel from 1.5486 is still defining the price action here. As long as the resistance line near 1.5317 is holding firm, we still could see more downside pressure towards 1.4990 to complete wave ii. Otherwise a direct break above 1.5317 will indicate that wave ii is already completed with the test of 1.5085, while a break above 1.5347 will confirm this to be the case for the next impulsive rally higher towards 1.5837 and above.

R3: 1.5347

R2: 1.5317

R1: 1.5250

Pivot: 1.5225

S1: 1.5170

S2: 1.5120

S3: 1.5096

Trading recommendation:

We will buy EUR at 1.5005 if possible, otherwise we will buy a break above 1.5347.

Back to the list

Open trading account

InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.