Elliott wave analysis of EUR/NZD for January 23 – 2015
January 23, 2015 7:20 am
Technical summary:
A high was found at 1.5437 just below the 50% corrective target at 1.5475. Now, we are ready for a test of important short-term support at 1.5064. A break below this support will confirm more downside towards 1.4881 and ideally lower to 1.4730 to end the decline from 1.6207. After a minor correction towards 1.5176, we expect support at 1.5064 to be challenged and a break below here will call for a continuation lower towards 1.4881 and ideally lower to 1.4730 to end this decline. Only a break above 1.5205 will be of concern, but it will take a break above 1.5330 to invalidate the bearish count.
Trading recommendation:
We are short EUR from 1.5145 and will lower tops to 1.5210 and place take profit at 1.4900.
The material has been provided by InstaForex Company – www.instaforex.com
Technical summary:
A high was found at 1.5437 just below the 50% corrective target at 1.5475. Now, we are ready for a test of important short-term support at 1.5064. A break below this support will confirm more downside towards 1.4881 and ideally lower to 1.4730 to end the decline from 1.6207. After a minor correction towards 1.5176, we expect support at 1.5064 to be challenged and a break below here will call for a continuation lower towards 1.4881 and ideally lower to 1.4730 to end this decline. Only a break above 1.5205 will be of concern, but it will take a break above 1.5330 to invalidate the bearish count.
Trading recommendation:
We are short EUR from 1.5145 and will lower tops to 1.5210 and place take profit at 1.4900.
The material has been provided by InstaForex Company – www.instaforex.com
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