Technical summary;
We have now reached strong support in the 1.5161 - 1.5244 area, which marks the 61.8% corrective target at 1.5244 and the magical 70.7% corrective target at 1.5161. We expect this area to protect the downside for a break above minor resistance at 1.5409 being the first indication, that a bottom for wave (ii) is in place. To invalidate the bullish count, a break below important support at 1.4888 is needed, but this is not our preferred count.
Trading recommendation:
We are long EUR from 1.5255 with stop placed 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 10 - 2015 . Thanks for your support.
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