Elliott wave analysis of EUR/NZD for March 29 – 2016
March 29, 2016 6:10 am
Wave summary:
We are getting nowhere. It looks like more sideways trading in the 1.6346 – 1.6730 range is needed before renewed upside pressure can be expected for a break above minor resistance at 1.6730 and, more importantly, a break above resistance at 1.6833 for a rally towards 1.8551.
It will take an unexpected break below 1.6086 to invalidate the bullish outlook.
Trading recommendation:
Stay sidelined for now and only buy EUR upon a break above 1.6730.
The material has been provided by InstaForex Company – www.instaforex.com
Wave summary:
We are getting nowhere. It looks like more sideways trading in the 1.6346 – 1.6730 range is needed before renewed upside pressure can be expected for a break above minor resistance at 1.6730 and, more importantly, a break above resistance at 1.6833 for a rally towards 1.8551.
It will take an unexpected break below 1.6086 to invalidate the bullish outlook.
Trading recommendation:
Stay sidelined for now and only buy EUR upon a break above 1.6730.
The material has been provided by InstaForex Company – www.instaforex.com
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