FX.co ★ Elliott wave analysis of EUR/NZD for March 17 - 2017

Wave summary:

The flat correction in wave [iv] continues to unfold. We are still looking for a move closer to 1.5116 before the correction in wave [iv] should complete and set the stage for the next impulsive rally in wave [v] of i higher towards 1.5765.

In the short term, only a direct break above the resistance at 1.5441 will indicate that the correction has already completed and wave [v] is developing.

R3: 1.5510

R2: 1.5441

R1: 1.5350

Pivot 1.5320

S1: 1.5271

S2: 1.5170

S1: 1.5116

Trading recommendation:

We will buy EUR at 1.5155 or upon a break above 1.5445.