Technical summary
We are still looking for the final decline closer to the long-term support near 1.4700, from which we expect a multi-month rally to take place. From the high of 1.5821, a five wave decline can be allowed for, which means we are close to a bottom and are looking at the longer-term picture. The long-term support from March 1997 is coming in close to 1.4700, which should provoke a long-term rally for many months.
Trading recommendation:
We will buy EUR at 1.4725 or higher than a break above resistance at 1.4925 (an order done cancels the others).
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 March 3 - 2015 . Thanks for your support.
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