Elliott wave analysis of EUR/NZD for May 31 – 2016
May 31, 2016 7:00 am
Wave summary:
We continue to look for a rally above minor resistance at 1.6715 to accelerate prices higher towards resistance at 1.6931 and 1.7220 on the way higher to the long-term target at 1.8420.
In the short term, support is seen at 1.6525 with important back-up support at 1.6424.
We must admit that this currency pair is testing our patience in all ways, but then one of the important rules when engaging in trading is “patience”.
Trading recommendation:
We are long in EUR from 1.6545 with stop placed at 1.6420. If you are not long in EUR yet, then buy near 1.6525 or upon a break above 1.6656 and use the same stop at 1.6420.
The material has been provided by InstaForex Company – www.instaforex.com
Wave summary:
We continue to look for a rally above minor resistance at 1.6715 to accelerate prices higher towards resistance at 1.6931 and 1.7220 on the way higher to the long-term target at 1.8420.
In the short term, support is seen at 1.6525 with important back-up support at 1.6424.
We must admit that this currency pair is testing our patience in all ways, but then one of the important rules when engaging in trading is “patience”.
Trading recommendation:
We are long in EUR from 1.6545 with stop placed at 1.6420. If you are not long in EUR yet, then buy near 1.6525 or upon a break above 1.6656 and use the same stop at 1.6420.
The material has been provided by InstaForex Company – www.instaforex.com
Related Posts: