Elliott wave analysis of EUR/NZD for December 11, 2015
December 11, 2015 7:30 am
Wave summary:
A correction in wave [ii] most likely ended at 1.6144 and thereby took back most of the rally in wave [i]. We will be looking for a break above minor resistance at 1.6245 as the first good indication that wave [ii] has ended and wave [iii] higher towards 1.7191 is developing now. To confirm that wave [iii] is unfolding a break above resistance at 1.6368 is needed.
As long as minor resistance at 1.6245 is able to protect the upside, we must accept the possibility of more downside pressure towards 1.6049, but this low should not be broken in the short term.
Trading recommendation:
We will buy EUR at 1.6150 or upon a breakout above 1.6245 (one order done cancels the other). We will place our stop at 1.6045 expecting it to move higher quickly.
The material has been provided by InstaForex Company – www.instaforex.com
Wave summary:
A correction in wave [ii] most likely ended at 1.6144 and thereby took back most of the rally in wave [i]. We will be looking for a break above minor resistance at 1.6245 as the first good indication that wave [ii] has ended and wave [iii] higher towards 1.7191 is developing now. To confirm that wave [iii] is unfolding a break above resistance at 1.6368 is needed.
As long as minor resistance at 1.6245 is able to protect the upside, we must accept the possibility of more downside pressure towards 1.6049, but this low should not be broken in the short term.
Trading recommendation:
We will buy EUR at 1.6150 or upon a breakout above 1.6245 (one order done cancels the other). We will place our stop at 1.6045 expecting it to move higher quickly.
The material has been provided by InstaForex Company – www.instaforex.com
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