Elliott wave analysis of EUR/NZD for October 6, 2015
October 6, 2015 7:30 am
Technical summary:
There was no time for even a minor correction yesterday, and we sow an expected decline closer to our first target at 1.6728. In the short term, we will be looking for a breakout below support at 1.7152 confirming the next part of the decline to a target at 1.6728.
Minor resistance is now found in the area of 1.7200 -1.7220, which will ideally protect the upside for a breakout below support at 1.7152.
Trading recommendation:
We missed our EUR selling point at 1.7580, but we will sell EUR at 1.7215 or upon a break below 1.7151 (one order done cancels the other). Our stop will be placed at 1.7285 and take profit will be placed at 1.6750.
The material has been provided by InstaForex Company – www.instaforex.com
Technical summary:
There was no time for even a minor correction yesterday, and we sow an expected decline closer to our first target at 1.6728. In the short term, we will be looking for a breakout below support at 1.7152 confirming the next part of the decline to a target at 1.6728.
Minor resistance is now found in the area of 1.7200 -1.7220, which will ideally protect the upside for a breakout below support at 1.7152.
Trading recommendation:
We missed our EUR selling point at 1.7580, but we will sell EUR at 1.7215 or upon a break below 1.7151 (one order done cancels the other). Our stop will be placed at 1.7285 and take profit will be placed at 1.6750.
The material has been provided by InstaForex Company – www.instaforex.com
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