Elliott wave analysis of EUR/NZD for September 27, 2016
September 27, 2016 6:15 am
Wave summary:
The break above 1.5511 confirmed that the long-term corrective decline from 1.9023 completed with the test of 1.4989, and that a new impulsive rally is developing. On a short-term basis, we expect that support at 1.5288 will act as a floor for the next impulsive rally higher towards 1.5969 and possibly even further to 1.6491.
On a long-term basis, we are looking for a much faster rally that ultimately should take out the 1.9023 high.
Trading recommendation:
We are long EUR from 1.5515 with stop placed at 1.5120. If you are not long EUR yet, then buy near 1.5288 and use the same stop at 1.5120.
The material has been provided by InstaForex Company – www.instaforex.com Source: Instaforex.com
Wave summary:
The break above 1.5511 confirmed that the long-term corrective decline from 1.9023 completed with the test of 1.4989, and that a new impulsive rally is developing. On a short-term basis, we expect that support at 1.5288 will act as a floor for the next impulsive rally higher towards 1.5969 and possibly even further to 1.6491.
On a long-term basis, we are looking for a much faster rally that ultimately should take out the 1.9023 high.
Trading recommendation:
We are long EUR from 1.5515 with stop placed at 1.5120. If you are not long EUR yet, then buy near 1.5288 and use the same stop at 1.5120.
The material has been provided by InstaForex Company – www.instaforex.com
Source: Instaforex.com
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