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