Elliott wave analysis of EUR/NZD for October 1 – 2015
October 1, 2015 7:00 am
Technical summary:
We have seen a breakout below 1.7453, which was quite unexpected and that has shifted the picture from a potential bullish count to a bearish calling for more downside toward 1.6781 where this correction will have corrected 38.2% of a rally from 1.3881 to 1.8554. In the short term, we expect minor resistance at 1.74994 to protect the upside for a decline to 1.7070.
Trading recommendation:
Our stop at 1.7450 was hit for a small loss, We will sell EUR at 1.7480 with stop placed at 1.7580.
The material has been provided by InstaForex Company – www.instaforex.com
Technical summary:
We have seen a breakout below 1.7453, which was quite unexpected and that has shifted the picture from a potential bullish count to a bearish calling for more downside toward 1.6781 where this correction will have corrected 38.2% of a rally from 1.3881 to 1.8554. In the short term, we expect minor resistance at 1.74994 to protect the upside for a decline to 1.7070.
Trading recommendation:
Our stop at 1.7450 was hit for a small loss, We will sell EUR at 1.7480 with stop placed at 1.7580.
The material has been provided by InstaForex Company – www.instaforex.com
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