Elliott wave analysis of EUR/NZD for November 28 – 2014
November 28, 2014 4:10 pm
Technical summary:
We are still looking for wave c to take off soon. However, a break above minor resistance at 1.5900 and more importantly a break above resistance at 1.5972 is needed to confirm, that wave c higher is developing for a continuation towards 1.6273 on the way higher to 1.6446 and 1.6800. If however, resistance at 1.5900 protects the upside for a break below minor support at 1.5830 the expected rally higher will be delayed for a new test of 1.5788 before the next rally higher can be expected.
Trading recommendation:
We are long in EUR from 1.5830 with stop place at 1.5775. If you are not long in EUR yet, then buy a break above 1.5900 with the same stop.
The material has been provided by InstaForex Company – www.instaforex.com
Technical summary:
We are still looking for wave c to take off soon. However, a break above minor resistance at 1.5900 and more importantly a break above resistance at 1.5972 is needed to confirm, that wave c higher is developing for a continuation towards 1.6273 on the way higher to 1.6446 and 1.6800. If however, resistance at 1.5900 protects the upside for a break below minor support at 1.5830 the expected rally higher will be delayed for a new test of 1.5788 before the next rally higher can be expected.
Trading recommendation:
We are long in EUR from 1.5830 with stop place at 1.5775. If you are not long in EUR yet, then buy a break above 1.5900 with the same stop.
The material has been provided by InstaForex Company – www.instaforex.com
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