Elliott wave analysis of EUR/NZD for October 31, 2016
October 31, 2016 10:27 am
EUR/NZD – Daily
EUR/NZD – 4 Hourly
Wave summary:
The rally of the 1.5066 is not yet impressive in any way, but as long as support at 1.5122 continues to act as a floor, we will be looking for more upside towards 1.5764 and above towards 1.6396 and above.
Short term, a break above 1.5511 will be the first indication that upside momentum is building, while a break above 1.5764 is needed to confirm that the long term correction from 1.9023 completed with the test of 1.4989.
Trading recommendation:
We are long EUR from 1.5285 with stop placed at 1.5170. If you are not long EUR yet, then buy near 1.5250 or upon a break above 1.5375 and use the same stop at 1.5170.
The material has been provided by InstaForex Company – www.instaforex.com Source: Instaforex.com
EUR/NZD – Daily
EUR/NZD – 4 Hourly
Wave summary:
The rally of the 1.5066 is not yet impressive in any way, but as long as support at 1.5122 continues to act as a floor, we will be looking for more upside towards 1.5764 and above towards 1.6396 and above.
Short term, a break above 1.5511 will be the first indication that upside momentum is building, while a break above 1.5764 is needed to confirm that the long term correction from 1.9023 completed with the test of 1.4989.
Trading recommendation:
We are long EUR from 1.5285 with stop placed at 1.5170. If you are not long EUR yet, then buy near 1.5250 or upon a break above 1.5375 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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