Elliott Wave Analysis of EUR/NZD for April 4 - 2016

Elliott Wave Analysis of EUR/NZD for April 4 - 2016

4 April 2016, 08:46
Roberto Jacobs
0
16

Elliott Wave Analysis of EUR/NZD for April 4 - 2016


analytics5701e7f0e023c


Wave summary:

We have seen the expected break above minor resistance at 1.6508 indicating that a low was seen at 1.6223. Now we only need a break above resistance at 1.6725 to confirm that wave [iii] of iii is developing. This is normally the strongest of the waves, becoming almost vertical with only small or sub-normal corrections.

In the short term, we are looking for support near 1.6430 and again at 1.6360.

Trading recommendation:

We are long in EUR from 1.6250 with stop placed at 1.6350. If you are not long in EUR yet, then buy near 1.6430 or upon a break above 1.6653 and use the same stop.


The material has been provided by InstaForex Company - www.instaforex.com


Share it with friends: