Elliott wave analysis of EUR/NZD for October 7, 2015
October 7, 2015 7:20 am
Technical summary:
The pair moved lower as expected, but the minor corrections that develops is a bit larger than we normally see. Not that they are much larger, but the correction tends to be smaller. That said, nothing has changed and we continue to watch for a decline towards 1.6781 as the first real downside target.
In the short term, we will ideally see minor resistance at 1.7193 protecting the upside for the next part of a decline to 1.6913 and then to 1.6793.
Trading recommendation:
Sell EUR here or close to 1.7193 for the next part of the decline. Stop should be placed at 1.7335, and take profit is seen at 1.6790.
The material has been provided by InstaForex Company – www.instaforex.com
Technical summary:
The pair moved lower as expected, but the minor corrections that develops is a bit larger than we normally see. Not that they are much larger, but the correction tends to be smaller. That said, nothing has changed and we continue to watch for a decline towards 1.6781 as the first real downside target.
In the short term, we will ideally see minor resistance at 1.7193 protecting the upside for the next part of a decline to 1.6913 and then to 1.6793.
Trading recommendation:
Sell EUR here or close to 1.7193 for the next part of the decline. Stop should be placed at 1.7335, and take profit is seen at 1.6790.
The material has been provided by InstaForex Company – www.instaforex.com
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