Elliott wave analysis of EUR/NZD for April 4 – 2016
April 4, 2016 6:10 am
Wave summary:
We have seen the expected break above minor resistance at 1.6508 indicating that a low was seen at 1.6223. Now we only need a break above resistance at 1.6725 to confirm that wave [iii] of iii is developing. This is normally the strongest of the waves, becoming almost vertical with only small or sub-normal corrections.
In the short term, we are looking for support near 1.6430 and again at 1.6360.
Trading recommendation:
We are long in EUR from 1.6250 with stop placed at 1.6350. If you are not long in EUR yet, then buy near 1.6430 or upon a break above 1.6653 and use the same stop.
The material has been provided by InstaForex Company – www.instaforex.com
Wave summary:
We have seen the expected break above minor resistance at 1.6508 indicating that a low was seen at 1.6223. Now we only need a break above resistance at 1.6725 to confirm that wave [iii] of iii is developing. This is normally the strongest of the waves, becoming almost vertical with only small or sub-normal corrections.
In the short term, we are looking for support near 1.6430 and again at 1.6360.
Trading recommendation:
We are long in EUR from 1.6250 with stop placed at 1.6350. If you are not long in EUR yet, then buy near 1.6430 or upon a break above 1.6653 and use the same stop.
The material has been provided by InstaForex Company – www.instaforex.com
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