Elliott wave analysis of EUR/NZD for February 12, 2016
February 12, 2016 7:00 am
Wave summary:
We continue to look for an upside acceleration. We observed the go signs stopped out of nowhere then, which is pretty frustrating, but every time we moved a little higher, so it should just be a matter of time before the real go sign is given. A breakout above resistance at 1.7273 is likely to be such sign for a rally towards 1.8020 and higher in the long term.
In the short term, we will be looking for support near 1.6704 to break out above minor resistance at 1.7062 that will call for a new rally to 1.7223 and 1.7273 and hopefully even above.
Trading recommendation:
We bought EUR at 1.6865. We will place stop at 1.6695. If you are not long EUR yet, then buy near 1.6850 and use the same stop at 1.6695.
The material has been provided by InstaForex Company – www.instaforex.com
Wave summary:
We continue to look for an upside acceleration. We observed the go signs stopped out of nowhere then, which is pretty frustrating, but every time we moved a little higher, so it should just be a matter of time before the real go sign is given. A breakout above resistance at 1.7273 is likely to be such sign for a rally towards 1.8020 and higher in the long term.
In the short term, we will be looking for support near 1.6704 to break out above minor resistance at 1.7062 that will call for a new rally to 1.7223 and 1.7273 and hopefully even above.
Trading recommendation:
We bought EUR at 1.6865. We will place stop at 1.6695. If you are not long EUR yet, then buy near 1.6850 and use the same stop at 1.6695.
The material has been provided by InstaForex Company – www.instaforex.com
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