Elliott wave analysis of EUR/NZD for May 12 – 2016
May 12, 2016 7:10 am
Wave summary:
It’s not yet clear whether a direct rally towards 1.7052 and higher to 1.7273 is developing or a more complex structure is developing before the rally higher can take place.
A break below support at 1.6592 will confirm the more complex structure calling for a series of waves. But ultimately more upside pressure is expected in both scenarios, it’s just a question of how and when.
Trading recommendations:
We are long on the EUR from 1.6315 with stop placed at 1.6600. If you are not long on the EUR yet, then buy a break above 1.6904 and place your stop at 1.6700
The material has been provided by InstaForex Company – www.instaforex.com
Wave summary:
It’s not yet clear whether a direct rally towards 1.7052 and higher to 1.7273 is developing or a more complex structure is developing before the rally higher can take place.
A break below support at 1.6592 will confirm the more complex structure calling for a series of waves. But ultimately more upside pressure is expected in both scenarios, it’s just a question of how and when.
Trading recommendations:
We are long on the EUR from 1.6315 with stop placed at 1.6600. If you are not long on the EUR yet, then buy a break above 1.6904 and place your stop at 1.6700
The material has been provided by InstaForex Company – www.instaforex.com
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