Elliott wave analysis of EUR/NZD for December 2, 2016
December 2, 2016 6:08 am
Wave summary:
The ending diagonal can be completed with the new low at 1.4801 but to confirm that, a break above the minor resistance at 1.5094 and more importantly a break above a resistance at 1.5121 will be needed.
As long as the minor resistance at 1.5094 caps the upside, the possibility of one more decline closer to 1.4728 remains before the ending diagonal finally completes and a rally back to the origin of the ending diagonal at 1.5839 starts.
Trading recommendation:
We will buy EUR at 1.4750 or upon a break above 1.5095.
The material has been provided by InstaForex Company – www.instaforex.com Source: Instaforex.com
Wave summary:
The ending diagonal can be completed with the new low at 1.4801 but to confirm that, a break above the minor resistance at 1.5094 and more importantly a break above a resistance at 1.5121 will be needed.
As long as the minor resistance at 1.5094 caps the upside, the possibility of one more decline closer to 1.4728 remains before the ending diagonal finally completes and a rally back to the origin of the ending diagonal at 1.5839 starts.
Trading recommendation:
We will buy EUR at 1.4750 or upon a break above 1.5095.
The material has been provided by InstaForex Company – www.instaforex.com
Source: Instaforex.com
Related Posts: