Elliott wave analysis of EUR/NZD for July 20 – 2016
July 20, 2016 12:15 pm
Wave summary:
The impulsive rally from the 1.5072 low still needs more upside pressure before completing. In the short term a minor wave [iv] correction is unfolding. Once it is completed, a continuation higher towards 1.5941 should be expected.
As long as minor resistance at 1.5687 is able to protect the upside wave [iv], the price could move a little lower close to 1.5475. But from this point or upon a direct break above 1.5687 the rally to 1.5941 will develop.
Trading recommendation:
We will buy the EUR at 1.5485 or upon a break above 1.5687 with stop placed at 1.5410 and take profit placed at 1.5925.
The material has been provided by InstaForex Company – www.instaforex.com Source: Instaforex.com
Wave summary:
The impulsive rally from the 1.5072 low still needs more upside pressure before completing. In the short term a minor wave [iv] correction is unfolding. Once it is completed, a continuation higher towards 1.5941 should be expected.
As long as minor resistance at 1.5687 is able to protect the upside wave [iv], the price could move a little lower close to 1.5475. But from this point or upon a direct break above 1.5687 the rally to 1.5941 will develop.
Trading recommendation:
We will buy the EUR at 1.5485 or upon a break above 1.5687 with stop placed at 1.5410 and take profit placed at 1.5925.
The material has been provided by InstaForex Company – www.instaforex.com
Source: Instaforex.com
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