Elliott wave analysis of EUR/NZD for September 6, 2016
September 6, 2016 5:24 am
Wave summary:
With a low seen at 1.5181 (just above our stop at 1.5180), we will be looking for a new chance to break above the minor resistance line near 1.5320 to indicate that wave ii finally is complete and wave iii higher can take off towards at least 1.6419.
That said, we must accept that wave ii are allowed to move all the way down to 1.5072 before completing and setting the stage for the rally in wave iii higher. But the low of wave i at 1.5072 is not allowed to be broken even with a single pip as that will force a recount of the entire decline from 1.9030.
Trading recommendation:
We are long EUR from 1.5370 with stop placed at 1.5180. If you are not long EUR yet, then only buy a break above 1.5320 and use the same stop at 1.5180.
The material has been provided by InstaForex Company – www.instaforex.com Source: Instaforex.com
Wave summary:
With a low seen at 1.5181 (just above our stop at 1.5180), we will be looking for a new chance to break above the minor resistance line near 1.5320 to indicate that wave ii finally is complete and wave iii higher can take off towards at least 1.6419.
That said, we must accept that wave ii are allowed to move all the way down to 1.5072 before completing and setting the stage for the rally in wave iii higher. But the low of wave i at 1.5072 is not allowed to be broken even with a single pip as that will force a recount of the entire decline from 1.9030.
Trading recommendation:
We are long EUR from 1.5370 with stop placed at 1.5180. If you are not long EUR yet, then only buy a break above 1.5320 and use the same stop at 1.5180.
The material has been provided by InstaForex Company – www.instaforex.com
Source: Instaforex.com
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