Elliott wave analysis of EUR/NZD for July 22 – 2016
July 22, 2016 6:42 am
Wave summary:
We continue to look for one more spike higher to the ideal 1.5941 target, from where a corrective decline to the low of wave [iv] at 1.5530 is expected before the next impulsive rally higher towards at least 1.6381 and likely even higher to the first extension target at 1.6917.
Short-term support is seen at 1.5636, which ideally will be able to protect the downside for a rally to 1.5941.
Trading recommendation:
We are waiting for a new EUR buying opportunity at 1.5540 with stop placed at 1.5400.
The material has been provided by InstaForex Company – www.instaforex.com Source: Instaforex.com
Wave summary:
We continue to look for one more spike higher to the ideal 1.5941 target, from where a corrective decline to the low of wave [iv] at 1.5530 is expected before the next impulsive rally higher towards at least 1.6381 and likely even higher to the first extension target at 1.6917.
Short-term support is seen at 1.5636, which ideally will be able to protect the downside for a rally to 1.5941.
Trading recommendation:
We are waiting for a new EUR buying opportunity at 1.5540 with stop placed at 1.5400.
The material has been provided by InstaForex Company – www.instaforex.com
Source: Instaforex.com
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