Elliott wave analysis of EUR/NZD for July 21 – 2016
July 21, 2016 7:42 am
Wave summary:
The impulsive rally of the 1.5072 low is unfolding nicely. A little move up closer to 1.5941 is expected in wave [v] to complete wave i and set the stage for a correction in wave [ii] towards at least the 38.2% correction of the rally from 1.5072 to 1.5941. At the same time, a corrective decline closer to the 50% corrective target near 1.5506 is more likely as this is also close to the bottom of wave [iv].
Once the correction in wave ii is completed, a new impulsive rally towards at least 1.6912 is expected.
Trading recommendation:
We missed our buying target at 1.5485 so we are going to wait for another opportunity to buy the EUR at 1.5520 with stop placed at 1.5400.
The material has been provided by InstaForex Company – www.instaforex.com Source: Instaforex.com
Wave summary:
The impulsive rally of the 1.5072 low is unfolding nicely. A little move up closer to 1.5941 is expected in wave [v] to complete wave i and set the stage for a correction in wave [ii] towards at least the 38.2% correction of the rally from 1.5072 to 1.5941. At the same time, a corrective decline closer to the 50% corrective target near 1.5506 is more likely as this is also close to the bottom of wave [iv].
Once the correction in wave ii is completed, a new impulsive rally towards at least 1.6912 is expected.
Trading recommendation:
We missed our buying target at 1.5485 so we are going to wait for another opportunity to buy the EUR at 1.5520 with stop placed at 1.5400.
The material has been provided by InstaForex Company – www.instaforex.com
Source: Instaforex.com
Related Posts: