Elliott wave analysis of EUR/NZD for October 26, 2016
October 26, 2016 12:10 pm
Wave summary:
We are still looking for a clear break above minor resistance at 1.5292 to confirm that the correction from 1.5764 completed with the test of 1.5066, and that a new impulsive rally to above 1.5764 is developing.
As long as minor resistance at 1.5292 is able to cap the upside, we might see more consolidation within the 1.5066 – 1.5292 area, but a new impulsive rally will ideally be seen soon for the rally to 1.5764 and above towards 1.6396.
Trading recommendation:
We are long EUR from 1.5285 with stop placed at 1.4985. If you are not long EUR yet, then buy a break above 1.5292 and use the same stop at 1.4985.
The material has been provided by InstaForex Company – www.instaforex.com Source: Instaforex.com
Wave summary:
We are still looking for a clear break above minor resistance at 1.5292 to confirm that the correction from 1.5764 completed with the test of 1.5066, and that a new impulsive rally to above 1.5764 is developing.
As long as minor resistance at 1.5292 is able to cap the upside, we might see more consolidation within the 1.5066 – 1.5292 area, but a new impulsive rally will ideally be seen soon for the rally to 1.5764 and above towards 1.6396.
Trading recommendation:
We are long EUR from 1.5285 with stop placed at 1.4985. If you are not long EUR yet, then buy a break above 1.5292 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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