Elliott wave analysis of EUR/NZD for January 19, 2016
January 19, 2016 7:30 am
Wave summary:
We are still looking for even more upside acceleration here. In the short term, a breakout above minor resistance at 1.7060 will call for the next impulsive rally higher towards 1.7300. Ideally, a breakout above the red channel resistance line will confirm the expected acceleration higher towards 1.7641 and 1.8021.
Support is now found at 1.6800 and more importantly at 1.6700.
Trading recommendation:
We are long EUR from 1.5810 with stop placed at 1.6640. If you are not long EUR yet, then buy near 1.6800 or upon a breakout above 1.7060 and use the same stop at 1.6640, but get ready to move it higher soon.
The material has been provided by InstaForex Company – www.instaforex.com
Wave summary:
We are still looking for even more upside acceleration here. In the short term, a breakout above minor resistance at 1.7060 will call for the next impulsive rally higher towards 1.7300. Ideally, a breakout above the red channel resistance line will confirm the expected acceleration higher towards 1.7641 and 1.8021.
Support is now found at 1.6800 and more importantly at 1.6700.
Trading recommendation:
We are long EUR from 1.5810 with stop placed at 1.6640. If you are not long EUR yet, then buy near 1.6800 or upon a breakout above 1.7060 and use the same stop at 1.6640, but get ready to move it higher soon.
The material has been provided by InstaForex Company – www.instaforex.com
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