empty
 
 
05.03.2015 07:01 AM
Elliott wave analysis of EUR/NZD for March 5 - 2015
This image is no longer relevant

This image is no longer relevant

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.

Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $1000 more!
    In April we raffle $1000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS

Recommended Stories

Can't speak right now?
Ask your question in the chat.
Widget callback