Elliott wave analysis of EUR/NZD for October 19, 2016
October 19, 2016 6:14 am
Wave summary:
The corrective decline from 1.5764 has extended lower to the 78.6% corrective target at 1.5133. A bottom will likely develop shortly for a new impulsive rally to above 1.5764. However, to confirm that the corrective decline is complete, a break above resistance at 1.5462 is needed.
To confirm that the long-term corrective decline from 1.9023 is complete, a break above 1.5764 is needed, but once seen a strong impulsive rally higher to 1.6931 and 1.8021 should be expected.
Trading recommendation:
We are long EUR from 1.5285 with stop placed at 1.4985. If you are not long already, then buy near 1.5133 and use the same stop at 1.4985.
The material has been provided by InstaForex Company – www.instaforex.com Source: Instaforex.com
Wave summary:
The corrective decline from 1.5764 has extended lower to the 78.6% corrective target at 1.5133. A bottom will likely develop shortly for a new impulsive rally to above 1.5764. However, to confirm that the corrective decline is complete, a break above resistance at 1.5462 is needed.
To confirm that the long-term corrective decline from 1.9023 is complete, a break above 1.5764 is needed, but once seen a strong impulsive rally higher to 1.6931 and 1.8021 should be expected.
Trading recommendation:
We are long EUR from 1.5285 with stop placed at 1.4985. If you are not long already, then buy near 1.5133 and use the same stop at 1.4985.
The material has been provided by InstaForex Company – www.instaforex.com
Source: Instaforex.com
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