Technical summary:
Both resistance at 1.4490 and 1.4546 has be taken out and we have to consider the possibility that wave i has already ended at 1.4394 and wave iii is rallying currently. It is likely to move much higher. The minimum target for wave iii is seen at the extension target at, but it does not need to be the top of wave iii. A break above the base-channel resistance line near 1.4640 will indicate that this count is correct.
Trading recommendation:
We took a nice big profit at 144.75. Now, we are looking to buy EUR at 1.4350 or upon a break above 1.4640.
The material has been provided by InstaForex Company - www.instaforex.comFor detail explanation and best discovery on daily market trends and news you may visit via Elliott wave analysis of EUR/NZD for April 30 - 2015 . Thanks for your support.
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