Elliott wave analysis of EUR/NZD for August 12 – 2015
August 12, 2015 7:50 am
Technical summary:
We have seen a nice thrust out of the triangle and the first upside target at 1.6990 is already taken out. Now the focus is on the 1.7277 target. Short-term minor support at 1.6943 will be able to protect the downside for the next rally higher to strong resistance at 1.7277 form where a larger correction should be expected.
Trading recommendation:
We are long EUR from 1.6827 and we will move our stop higher to the break-even point. As wave (v) is already well under way, one intraday long position should be opened. So buy near 1.6943 with stop loss at 1.6900 and take profit near 1.7277.
The material has been provided by InstaForex Company – www.instaforex.com
Technical summary:
We have seen a nice thrust out of the triangle and the first upside target at 1.6990 is already taken out. Now the focus is on the 1.7277 target. Short-term minor support at 1.6943 will be able to protect the downside for the next rally higher to strong resistance at 1.7277 form where a larger correction should be expected.
Trading recommendation:
We are long EUR from 1.6827 and we will move our stop higher to the break-even point. As wave (v) is already well under way, one intraday long position should be opened. So buy near 1.6943 with stop loss at 1.6900 and take profit near 1.7277.
The material has been provided by InstaForex Company – www.instaforex.com
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