Elliott wave analysis of EUR/NZD for February 18, 2016
February 18, 2016 8:50 am
The complex correction in red wave ii continues to unfold. This correction is becoming almost impossible to read and is best left alone to resolve itself. A flat correction is likely to unfold below 1.6671 calling for a new decline closer to 1.6473 before a new impulsive rally should be expected.
Only a direct breakout above minor resistance at 1.6825 and more importantly a breakout above 1.7043 will call for a new rally to 1.7273 on the way higher to 1.8020.
Trading recommendation:
We will stay neutral awaiting a more clear signal. However, we will buy EUR upon a breakout above 1.7043
The material has been provided by InstaForex Company – www.instaforex.com
The complex correction in red wave ii continues to unfold. This correction is becoming almost impossible to read and is best left alone to resolve itself. A flat correction is likely to unfold below 1.6671 calling for a new decline closer to 1.6473 before a new impulsive rally should be expected.
Only a direct breakout above minor resistance at 1.6825 and more importantly a breakout above 1.7043 will call for a new rally to 1.7273 on the way higher to 1.8020.
Trading recommendation:
We will stay neutral awaiting a more clear signal. However, we will buy EUR upon a breakout above 1.7043
The material has been provided by InstaForex Company – www.instaforex.com
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