Elliott wave analysis of EUR/NZD for December 4, 2015
December 4, 2015 7:10 am
Wave summary:
We have finally seen a bottom at 1.5784 (but at no point was a close below 1.5897 seen on the 4 hourly chart) for a strong impulsive rally. In the short term, I expect support at 1.6053 to be able to protect the downside for the next impulsive rally above important resistance at 1.6576 confirming the bottom for a continuation higher to 1.8020 and above.
As we are in the very start of a new impulsive uptrend, we have to be aware that the first correction from 1.5784 to 1.6490 can be deep.
Trading recommendation:
We are long EUR from 1.6010 and will take profit here at 1.6355. We will buy EUR again at 1.6065 or upon a breakout above 1.6490 (one order done cancels another).
The material has been provided by InstaForex Company – www.instaforex.com
Wave summary:
We have finally seen a bottom at 1.5784 (but at no point was a close below 1.5897 seen on the 4 hourly chart) for a strong impulsive rally. In the short term, I expect support at 1.6053 to be able to protect the downside for the next impulsive rally above important resistance at 1.6576 confirming the bottom for a continuation higher to 1.8020 and above.
As we are in the very start of a new impulsive uptrend, we have to be aware that the first correction from 1.5784 to 1.6490 can be deep.
Trading recommendation:
We are long EUR from 1.6010 and will take profit here at 1.6355. We will buy EUR again at 1.6065 or upon a breakout above 1.6490 (one order done cancels another).
The material has been provided by InstaForex Company – www.instaforex.com
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