Elliott wave analysis of EUR/NZD for December 12 – 2014
December 12, 2014 8:10 am
Technical summary:
We are still looking for support at 1.5789 to protect the downside for a break above minor resistance at 1.5981 confirming that wave ii is over and wave iii higher to 1.6526, where wave iii will be 161.8% of wave i. Even though it’s hard to believe, then the trend is still up here. It feels like we have traded in the same area forever now. However, once the resistance line and resistance at 1.6200 gives away, the way higher should be cleared for acceleration higher.
Trading recommendation:
The material has been provided by InstaForex Company – www.instaforex.com
Technical summary:
We are still looking for support at 1.5789 to protect the downside for a break above minor resistance at 1.5981 confirming that wave ii is over and wave iii higher to 1.6526, where wave iii will be 161.8% of wave i. Even though it’s hard to believe, then the trend is still up here. It feels like we have traded in the same area forever now. However, once the resistance line and resistance at 1.6200 gives away, the way higher should be cleared for acceleration higher.
Trading recommendation:
The material has been provided by InstaForex Company – www.instaforex.com
Related Posts: