Elliott wave analysis of EUR/NZD for October 27, 2016
October 27, 2016 1:26 pm
Wave summary:
We have now seen the expected break above short-term important resistance at 1.5292 confirming more upside towards 1.5764 and higher towards 1.6396 longer-term.
The former resistance at 1.5292 should ideally act as a floor for the rally higher to 1.5500 and 1.5764, but even if a break back below 1.5292 is seen, it is expected to be short-lived and stop near 1.5278 for the next rally higher.
Trading recommendation:
We are long EUR from 1.5285 and will move our stop higher to 1.5170. If you are not long EUR yet, then buy near 1.5292 and use the same stop at 1.5170.
The material has been provided by InstaForex Company – www.instaforex.com Source: Instaforex.com
Wave summary:
We have now seen the expected break above short-term important resistance at 1.5292 confirming more upside towards 1.5764 and higher towards 1.6396 longer-term.
The former resistance at 1.5292 should ideally act as a floor for the rally higher to 1.5500 and 1.5764, but even if a break back below 1.5292 is seen, it is expected to be short-lived and stop near 1.5278 for the next rally higher.
Trading recommendation:
We are long EUR from 1.5285 and will move our stop higher to 1.5170. If you are not long EUR yet, then buy near 1.5292 and use the same stop at 1.5170.
The material has been provided by InstaForex Company – www.instaforex.com
Source: Instaforex.com
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