Technical summary:
We are still looking for wave (ii) to bottom in the 1.5166 - 1.5244 area, so wave (iii) higher can take over. Once wave (iii) higher is confirmed, we should be looking for a rally towards at least 1.6668, where wave (iii) will be 161.8% the length of wave (i). In the short term, we need a break above minor resistance at 1.5321 and more importantly a break above resistance at 1.5409 to confirm that wave (iii) higher is developing.
Trading recommendations:
We are long EUR from 1.5255 with stop place at 1.5155.
The material has been provided by InstaForex Company - www.instaforex.com
For detail explanation and best discovery on daily market trends and news you may visit via Elliott wave analysis of EUR/NZD for February 11 - 2015 . Thanks for your support.
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