Elliott wave analysis of EUR/NZD for October 5, 2016
October 5, 2016 1:00 pm
Wave summary:
We have finally seen the expected acceleration higher from 1.5271. We will continue to look for more upside and upside acceleration towards 1.5969 and likely even closer to 1.6491 as the next upside targets.
In the short term, the support is seen at 1.5515 and then at 1.5460.
In the longer term, much more upside progress is expected for a rally back to and above the 1.9023 high.
Trading recommendation:
We are long EUR from 1.5515 and will move our stop higher to 1.5260. If you are not long EUR yet, then buy near 1.5515 and use the same stop at 1.5260.
The material has been provided by InstaForex Company – www.instaforex.com Source: Instaforex.com
Wave summary:
We have finally seen the expected acceleration higher from 1.5271. We will continue to look for more upside and upside acceleration towards 1.5969 and likely even closer to 1.6491 as the next upside targets.
In the short term, the support is seen at 1.5515 and then at 1.5460.
In the longer term, much more upside progress is expected for a rally back to and above the 1.9023 high.
Trading recommendation:
We are long EUR from 1.5515 and will move our stop higher to 1.5260. If you are not long EUR yet, then buy near 1.5515 and use the same stop at 1.5260.
The material has been provided by InstaForex Company – www.instaforex.com
Source: Instaforex.com
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