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FX.co ★ Elliott wave analysis of EUR/NZD for March 5 - 2015

Elliott wave analysis of EUR/NZD for March 5 - 2015

Elliott wave analysis of EUR/NZD for March 5 - 2015

Elliott wave analysis of EUR/NZD for March 5 - 2015

Technical summary:

The decline in red wave v of (v) extended below the long term support line at 1.4700. We expect this to be a classic case of overshooting. We are still looking for a firm bottom and will be looking for a break above minor resistance at 1.4667 and a break above 1.4800 to confirm that a bottom is in place. Short term, minor support at 1.4611 will ideally protect the downside from the expected break above 1.4667. Only a break below support at 1.4586 will indicate that the bottom is not in place yet.

Trading recommendation:

We are long EUR from 1.4725 and will place our stop at 1.4580. If you are not long EUR yet, then buy a break above 1.4667 with the same stop at 1.4580.

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade
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