Technical summary:
With the break below support at 1.5198 wave (ii) has extended to the 70.7% corrective target, which, we expect, will protect the downside for a break above the minor resistance at 1.5234 and, more importantly, above the resistance at 1.5300 that confirms a new rally higher in wave (iii). We anticipate that the short-term support at 1.5165 will be able to protect the downside for the rally above the minor resistance at 1.5234. Only an unexpected break below 1.5165 (close below on an 4 hourly basis) does open up the downside for a move closer to 1.4889.
Trading recommendation:
Our stop at 1.5190 was hit. We will buy EUR again here at 1.5190 with stop place at 1.5090.
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 16 - 2015 . Thanks for your support.
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