Elliott wave analysis of EUR/NZD for September 8, 2016
September 8, 2016 7:48 am
Wave summary:
The break below 1.5187 confirmed that the larger corrective decline from 1.9023 still needs one more decline closer to the 1.4748 – 1.4815 area before completing.
After a minor recovery to 1.5187, the final decline into the 1.4748 – 1.4815 support window is expected. It should set the stage for a new impulsive rally that ultimately will break above 1.9023, but for now stays focused towards the downside for one more new low.
Trading recommendation:
We will wait for a decline into the 1.4748 – 1.4815 support window before buying EUR. Ideally we can buy at 1.4755.
The material has been provided by InstaForex Company – www.instaforex.com Source: Instaforex.com
Wave summary:
The break below 1.5187 confirmed that the larger corrective decline from 1.9023 still needs one more decline closer to the 1.4748 – 1.4815 area before completing.
After a minor recovery to 1.5187, the final decline into the 1.4748 – 1.4815 support window is expected. It should set the stage for a new impulsive rally that ultimately will break above 1.9023, but for now stays focused towards the downside for one more new low.
Trading recommendation:
We will wait for a decline into the 1.4748 – 1.4815 support window before buying EUR. Ideally we can buy at 1.4755.
The material has been provided by InstaForex Company – www.instaforex.com
Source: Instaforex.com
Related Posts: