Elliott wave analysis of EUR/NZD for January 20, 2016
January 20, 2016 7:40 am
Wave summary:
The correction moved deeper than we had expected hitting 1.6637 as a low. The decline to 1.6637 did not change anything and we are still looking for an upside acceleration towards 1.7641 and 1.8020 as the next major upside targets.
In the short term, we will be looking for a minor correction lower to 1.7070 and possibly even lower to 1.6970 before the next rally higher to 1.7641.
Trading recommendation:
Our stop at 1.6640 was unfortunately hit, but for a massive profit. However, we want to buy EUR again at 1.7085 or upon a breakout above 1.7210. We will start by placing our stop at 1.6635 expecting it to move higher soon.
The material has been provided by InstaForex Company – www.instaforex.com
Wave summary:
The correction moved deeper than we had expected hitting 1.6637 as a low. The decline to 1.6637 did not change anything and we are still looking for an upside acceleration towards 1.7641 and 1.8020 as the next major upside targets.
In the short term, we will be looking for a minor correction lower to 1.7070 and possibly even lower to 1.6970 before the next rally higher to 1.7641.
Trading recommendation:
Our stop at 1.6640 was unfortunately hit, but for a massive profit. However, we want to buy EUR again at 1.7085 or upon a breakout above 1.7210. We will start by placing our stop at 1.6635 expecting it to move higher soon.
The material has been provided by InstaForex Company – www.instaforex.com
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