Elliott wave analysis of EUR/NZD for November 2, 2016
November 2, 2016 1:58 pm
Wave summary:
The rally from 1.5066 stalled already at 1.5454 and the decline from here has already taken out the 61.8% corrective target at 1.5214, which is of concern. That said, it will take a break below support at 1.5066 to invalidate our preferred bullish outlook. On the other side, it will also take a break above minor resistance at 1.5355 to indicate the next rally higher towards 1.5764 and above.
Trading recommendation:
Our stop at 1.5170 was hit. We will re-buy EUR at 1.5145 or upon a break above 1.5355 with a stop placed at 1.5060.
The material has been provided by InstaForex Company – www.instaforex.com Source: Instaforex.com
Wave summary:
The rally from 1.5066 stalled already at 1.5454 and the decline from here has already taken out the 61.8% corrective target at 1.5214, which is of concern. That said, it will take a break below support at 1.5066 to invalidate our preferred bullish outlook. On the other side, it will also take a break above minor resistance at 1.5355 to indicate the next rally higher towards 1.5764 and above.
Trading recommendation:
Our stop at 1.5170 was hit. We will re-buy EUR at 1.5145 or upon a break above 1.5355 with a stop placed at 1.5060.
The material has been provided by InstaForex Company – www.instaforex.com
Source: Instaforex.com
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